Lafarge stock sinks on Moody’s possible downgrade
Shares in French cement group Lafarge tumbled by 3.81% to EUR34.325 at close on Tuesday after rating agency Moody’s placed its Baa3 credit rating under review for downgrade.
The credit rating agency has been disappointed by weaker-than-expected operating performance in the first six months of the year.
Lafarge’s debt swelled following the acquisition of Egyptian peer Orascom Cement in 2008. At the end of the first half of 2011, it was estimated at EUR 14.3bn
In March, Standard&Poor’s also put Lafarge’s BBB- rating on negative review.
Published under Cement News
