Cement News tagged under: Credit Rating

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S&P upgrades credit rating of Buzzi Unicem

01 July 2021, Published under Cement News

The Standard and Poor (S&P) credit rating agency has upgraded the creditworthiness of Buzzi Unicem, as of 30 June 2021. It has now raised its long-term rating from ‘BBB-’ to ‘BBB’. The short-term rating has also been upgraded to ‘A-2’ from ‘A-3’, while its outlook has been classed as stable.

Moody's Investor Service upgrades Votorantim SA and Votorantim Cimentos

21 June 2021, Published under Cement News

Moody’s Investors Service has assigned an investment grade rating on a global scale to the holding company Votorantim SA and its portfolio company Votorantim Cimentos. Moody’s upgraded the rating of both companies from Ba1 to Baa3, with a stable outlook.  “This is a recognition of the strength and consistency of our results, both in Brazil and abroad. Our company’s leverage is the lowest it has ever been for the past 13 years, and we are ready for new investment opportunities,” said Sergi...

S&P Global raise HeidelbergCement's credit rating

16 April 2021, Published under Cement News

S&P Global Ratings raised HeidelbergCement’s long- and short-term issuer credit ratings to BBB/A-2 from BBB-/A-3 and the issue ratings on its debt to BBB from BBB-, while giving a stable outlook.   As rationale behind the rating upgrade, S&P highlighted HeidelbergCement’s ability to significantly reduce its debt in 2020, despite the COVID-19 pandemic, thanks to extensive cost saving measures, resilient operating performance and strong cash flow. As a result, HeidelbergCement's leverag...

S&P upgrades Cemex to BB

26 September 2017, Published under Cement News

Cemex SAB de CV announced that S&P Global Ratings upgraded its corporate credit rating in its global scale to BB from BB-. According to S&P, the upgrade reflects the continued improvement of Cemex's financial performance and leverage metrics during 2017, fuelled by a faster-than-expected completion of the asset divestment plan, the early conversion of part of the optional convertible notes due March 2018, and a generally favourable business conditions in its main markets. In addition, S&P...

Dangote Cement

24 July 2017, Published under Cement News

Two global ratings agencies have rated Dangote Cement high for its financial strength, describing its outlook as stable. Moody’s has assigned three high ratings to the cement producer, including a first time Ba3 corporate family rating, a Ba3-PD probability of default rating and an Aaa.ng national scale rating. The Ba3 corporate family rating is reportedly just one notch above the government of Nigeria’s rating. According to Douglas Rowlings, assistant vice president and lead analyst for ...

Trinidad Cement upgraded by ratings agencies

03 February 2017, Published under Cement News

Ratings agencies Fitch and Standard and Poor’s have upgraded their evaluations of the credit-worthiness of Trinidad Cement Ltd (TCL), the Trinidad Express reports. Fitch moved its rating up two places, from B- to B+, while Standard and Poor’s moved the company to B grade. Fitch explained that Cemex’s decision to increase its stake in the firm to 67 per cent would have a positive impact on TCL, expanding the options available to it in both marketing and finance. Over the past five ye...

Titan to issue EUR300m Eurobond

01 July 2014, Published under Cement News

Titan Global Finance plc, a subsidiary of Titan Cement SA, on Monday announced plans to sell a five-year Eurobond issue worth EUR300m. Greece-based Titan said in a statement that the new capital will be used to refinance existing debt. The new bonds will be traded in the Luxumbourg Stock Exchange. Titan has appointed Alpha Bank, Eurobank Ergasias, HSBC Bank plc, JP Morgan Securities plc, NGB Securities and Societe Generale as joint book runners. S&P affirms ratings Standard & Poor’s (...

Fitch cuts Camargo Correa credit rating on Cimpor buy

29 June 2012, Published under Cement News

Fitch Ratings has cut Camargo Correa’s credit rating by two notches  on concern the increase of its stake in cement company Cimpor has raised the indebtedness of the company too much. Camargo Correa took over Cimpor earlier this month for EUR1.5bn, and the Brazilian company took on BRL4.24bn (US$2.03bn) of debt to finance the purchase, Fitch wrote. "Camargo's capital structure was already under pressure from high leverage and poor operational performance in the company's engineering and ...

S&P lowers Cimpor to 'BB'

27 June 2012, Published under Cement News

On June 26, 2012, Standard & Poor's Ratings Services lowered its long-term corporate credit rating on Cimpor to 'BB' from 'BBB-' and its short-term rating to 'B' from 'A-3'. The ratings remain on CreditWatch negative, where they were placed on April 3, 2012. The downgrade follows the announcement and settlement of Brazilian holding company Camargo Correa’s SA (CCSA’s) successful takeover of Cimpor from the majority of existing shareholders. The Camargo group currently owns about 73% of Cim...

S&P lowers Italcementi credit rating, Italy

30 May 2012, Published under Cement News

Standard and Poor's lowered the long-term corporate credit rating on Italian cement maker Italcementi  to BB+ from BBB-, and its short term rating to B from A-3. The agency set a "stable" outlook. The downgrade was prompted by Italcementi's continued underperformance against S&P's rating guidelines, the agency said. The group's operating performance in 2012 is expected to continue to suffer due to depressed end-markets, S&P added. (SeeNews Italy).