Cement News tagged under: Fitch Ratings
Fitch upgrades GCC’s ratings, outlook to stable23 January 2015, Published under Cement NewsFitch has raised the credit rating of Mexican cement firm Grupo Cementos de Chihuahua (GCC) to BB-, in both local and foreign currency, with a stable outlook. Fitch said in a statement that ratings upgrade reflects GCC's strong operating performance over the past several quarters, its significantly improved credit profile following debt repayments during 2014 and the successful debt refinancing during 2013. The upgrade takes into consideration the improvement in the US cement market and an ... |
Fitch affirms Pacasmayo's ratings; outlook stable19 January 2015, Published under Cement NewsFitch Ratings has affirmed the following ratings for Cementos Pacasmayo SAA): • Foreign currency Issuer Default Rating (IDR) at 'BBB-'; • Local currency IDR at 'BBB-'; • Senior unsecured US$300m notes due 2023 at 'BBB-'. The Rating Outlook is Stable. Key rating's drivers Solid business position Fitch said the ratings reflects Pacasmayo's solid business position, as the only cement producer in Peru's northern region which has resulted in high margins, low leverage and solid liquidi... |
Fitch Ratings revises China Shanshui Cement Outlook08 January 2015, Published under Cement NewsFitch Ratings has revised China Shanshui Cement Group Ltd's Outlook to Negative from Stable. Meanwhile, Shanshui's Long-Term Issuer Default Rating (IDR) and senior unsecured ratings have been affirmed at 'BB'. The Outlook revision reflects Shanshui's slower-than-expected deleveraging process, mainly driven by weaker cash flow generation due to the lower cement average sell price (ASP). "We expect Shanshui to be able to sustain its financial leverage, measured by FFO adjusted net leverage r... |
Fitch assigns ‘BB+(EXP)’ to Elementia proposed notes, Outlook Stable18 November 2014, Published under Cement NewsFitch Ratings has assigned an expected rating of 'BB+(EXP)' to Elementia, SA de CV’s proposed US$400m notes with a maturity of up to 10 years. Proceeds from the notes issuance will be used for general corporate purposes, including the repayment of existing indebtedness and the purchase of joint venture minority interests. The new notes will rank pari passu with Elementias's existing unsecured debt. The Rating Outlook for Elementia is Stable, reflecting its “strong business profile char... |
TCL downgraded by Fitch Ratings09 October 2014, Published under Cement NewsTrinidad Cement Ltd (TCL) has been downgraded by Fitch Ratings, just days after Standard & Poor’s (S&P) also lowered its corporate credit rating on the Caribbean-based producer. Fitch’s primary analyst Phillip Wrenn said in a statement that cement company’s foreign and local currency issuer default ratings (IDRs) had dropped to ‘D’ from ‘B-’. “This downgrade to ‘D’ follows the announcement by TCL’s Board of Directors on 29 September 2014 of a ‘standstill’ on all payments due under exis... |
Fitch Assigns 'BB -' Ratings to CEMEX's Notes08 September 2014, Published under Cement NewsFitch Ratings has assigned expected ratings of 'BB-/RR3(EXP)' to Cemex's proposed USD notes due in 2025 and its proposed Euro notes due in 2022. Proceeds from the Euro notes issuance will be used for general corporate purposes, including the repayment of indebtedness under Cemex's Facilities Agreement. Proceeds from the USD issuance will be used for general corporate purposes, including the repurchase of a portion of the company's outstanding 2018 and 2020 notes. The Rating Outlook for Cemex... |
Fitch rates West China Cement's Proposed Notes 'BB-(EXP)'02 September 2014, Published under Cement NewsFitch Ratings has assigned West China Cement Ltd's (WCC) proposed US dollar senior unsecured notes an expected rating of 'BB-(EXP)'. The notes will be issued by WCC and guaranteed by WCC's existing subsidiaries other than those organised under the laws of China. Refinancing drives Outlook revision WCC has US$400m of senior notes due January 2016 and CNY800m of onshore medium-term notes (MTN) due March 2016 that remain outstanding. The company intends to use the proceeds of the proposed no... |
Fitch: Votorantim Cimentos ‘backbone’ of parent rating26 August 2014, Published under Cement NewsFitch has affirmed the ratings for Votorantim and its subsidiaries, highlighting that its cement division continues to be the “backbone of the parent company's rating”. The ratings agency notes that Votorantim Cimentos (VCSA) is the key operating subsidiary of Votorantim Participacoes SA (VPAR). "VCSA is poised to improve its operating cash flows due to investments that have increased its cement capacity in Brazil from 23Mta to 32Mta since 2011," Fitch said in a statement. It projects VCSA... |
Fitch affirms HeidelbergCement’s ratings07 August 2014, Published under Cement NewsFitch Ratings has affirmed HeidelbergCement’s Long-term Issuer Default Rating (IDR) at 'BB+' and Short-term IDR at 'B'. The Outlook on the Long-term IDR is 'Stable'. The agency has also affirmed the senior unsecured rating of debt issued by HC's related entities, HeidelbergCement Finance BV, HeidelbergCement Finance Luxembourg SA and Hanson Ltd at 'BB+'. “The affirmation reflects HC's investment grade business profile as the world leader in aggregates and a top three cement producer. Th... |
Fitch: ratings unchanged for Votorantim02 June 2014, Published under Cement NewsAccording to Fitch Ratings, the recent decision by Brazil's antitrust agency, CADE, to stiffen the penalties against Brazilian cement companies allegedly engaged in price collusion presents a significant challenge to Votorantim Cimentos (VCSA), but it will not result in a negative action to its 'BBB' rating. VCSA's Rating Outlook was affirmed by Fitch at Negative on April 8, 2014. This rating action took into consideration the possibility of a negative ruling by CADE. All six of the cemen... |