Cement News tagged under: Fitch Ratings

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Fitch: West China Cement's weaker operating results outweighed by Anhui Conch's takeover

18 March 2016, Published under Cement News

Fitch Ratings believes West China Cement Ltd's weaker operations – as reflected in the 2015 results – is outweighed by its pending takeover by Anhui Conch Cement Company Limited (Conch, A-/Stable). Fitch's Rating Watch Positive on WCC is driven by the potential further integration between Conch and WCC, which will be resolved once the transaction is completed. WCC's performance in 2015 was a reflection of the weak cement market throughout the year. Its EBITDA margin narrowed to 26.6 per c...

Fitch affirms Siam Cement at 'A(tha)', Outlook Stable

10 February 2016, Published under Cement News

Fitch Ratings (Thailand) Ltd has affirmed The Siam Cement Public Co Ltd's (SCC) National Long-Term Rating at 'A(tha)', National Short-Term Rating at 'F1(tha)' and its senior unsecured debentures at 'A(tha)' with a 'Stable' outlook. Fitch notes that SCC's strong operating cash flow led to an improvement in credit metrics in 2015. EBITDA increased to above THB70bn (US$1.98bn) which saw FFO (Funds From Operations) net-adjusted leverage reduce to 2.5x. "Whilst this is below the positive rating ...

Fitch Affirms Cementos Pacasmayo at 'BBB-'; Outlook Stable

12 January 2016, Published under Cement News

Fitch Ratings has affirmed the ratings of Peruvian producer Cementos Pacasmayo at 'BBB-'. The Rating Outlook remains Stable. The ratings reflect the company's solid business position as the only cement producer in Peru's northern region. This position has resulted in high margins, low leverage and solid liquidity. The small size of the cement market in the north, as well as the logistical challenges found in this region, has limited the impact of imports and the probability a global compa...

Fitch: Shanshui's rating unaffected by plan to buy back USD bonds

11 January 2016, Published under Cement News

Fitch Ratings says that China Shanshui Cement Group Ltd's announcement that it intends to offer to repurchase its US$500m 7.5 per cent senior notes due 2020 (2020 notes) does not affect the company's rating. This is because the company remains in default on its onshore debt, which triggered a cross-default on its offshore notes. Shanshui's Issuer Default Rating will be reviewed once Shanshui has redeemed or restructured all its debt currently in default. Fitch will withdraw Shanshui's iss...

Fitch Ratings: Latin America cement sector outlook stable, ratings negative

10 December 2015, Published under Cement News

In its new report on the 2016 outlook for the Latin American cement sector, Fitch Ratings said the outlook for the regional cement sector is stable in 2016, however, the outlook on ratings is negative for next year. Further weakening sales volumes in Brazil are expected to be only slightly offset by stable demand growth in countries such as Colombia, Mexico, and Peru, according to Fitch Ratings. "Brazilian cement volumes will likely decline in the high single digits as lower investment a...

Fitch Ratings – infrastructure to boost Thai demand

17 November 2015, Published under Cement News

Fitch Ratings says demand for cement and building materials in Thailand will accelerate with the government's planned infrastructure investments over the near term. However, a slow recovery of demand from the residential segment should soften the pace of overall demand growth in 2016. The infrastructure investments will continue to be a key driver for cement and building materials over the next few years. The accelerated project implementation in rails, roads, harbours, and airports is wo...

Guatemala: Fitch affirms Cementos Progreso IDRs, Outlook Stable

25 September 2015, Published under Cement News

Fitch Ratings has affirmed Cementos Progreso SA's (Cempro) Issuer Default Ratings (IDRs) at 'BB+'. The Rating Outlook is Stable. Cempro's 'BB+' ratings reflect the company's leading position in Guatemala's cement industry. Its solid market position is viewed as sustainable considering the country's limited infrastructure and challenging logistics, which limit imports and significantly increase cement distribution costs. Further deterrents include the company's extensive distribution netwo...

Fitch Downgrades Shanshui to 'B-'; Outlook Negative

02 September 2015, Published under Cement News

Fitch Ratings has downgraded China Shanshui Cement Group Ltd's (Shanshui) Long-Term Issuer Default Rating (IDR) and senior unsecured ratings to 'B-' from 'B+'. The agency has also removed the company from Rating Watch Negative and assigned it a Negative Outlook. The Recovery Rating on the senior unsecured ratings remains at 'RR4'. The rating downgrade reflects the continued weak business environment and Shanshui's reliance on short-term financing, which could pressure liquidity. The Negativ...

Fitch affirms CRH rating, but lowers outlook

01 September 2015, Published under Cement News

Fitch Ratings has affirmed Ireland-based building materials company CRH plc's Long-term Issuer Default Rating (IDR) and senior unsecured rating at 'BBB'. It has also downgraded the Short-term IDR to 'F3' from 'F2'. All ratings have been removed from Rating Watch Negative. The Outlook is Negative. This follows the group's announcement of its agreement to purchase CR Laurence Co, Inc (CRL) for a total consideration of USD1.3bn (EUR1.2bn). The 'BBB' senior unsecured ratings for subsidiaries CR...

Fitch Ratings publishes Anhui Conch Cement’s Rating of 'A-'/Stable

10 August 2015, Published under Cement News

Fitch Ratings has published Anhui Conch Cement Company Limited's (Conch) Long-Term Foreign-Currency Issuer Default Rating (IDR) and senior unsecured rating of 'A-'. The Outlook on the IDR is Stable. The rating's agency notes that Conch is one of the largest cement producers in China. Its principle business includes the manufacturing and selling of cement, clinker and aggregate products. Its credit assessment is driven by its geographically diversified operations, low-cost advantages, strong...