S&P's downgrades Trinidad Cement Ltd

Standard & Poor's Ratings Services lowered its corporate credit rating on Trinidad Cement Ltd Group (TCL) to 'D' from 'B'.
 
The downgrade reflects TCL's missed debt service payments due 30 September 2014. Such maturities are not subject to a grace period and we do not expect payment within five business days, which Standard & Poor's considers an event of default as per its criteria.
 
In addition, the downgrade reflects TCL's 29 September 2014, notice to stakeholders, in which the company informs that all payments due under the existing restructured loan agreements would be placed on hold. In the same notice, TCL stated that it would submit a comprehensive restructuring plan by 31 October 2014.