Very important point here. Many companies are heavily indebted, as the interest rates were very attractive and incentivized debt taking. However, the Dollar Index is at 95.41 at the moment, which is in the very middle of the last 52 weeks range from 91.88 and 100.60. If the greenback soars, all this debt will become unpayable by such companies. Most of them don't have any kind of hedge, or are underhedged (like Petrobras S/A and its 100 billion dollar debt, with a market capitalization of half this amount and nearly no hedge, as can be read in their last 2Q16 financial statement.