Cement News tagged under: Fitch Ratings

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HeidelbergCement BB+ confirmed on Italcementi deal - Fitch

06 August 2015, Published under Cement News

US ratings agency Fitch has confirmed the 'BB+' rating on German cement maker HeidelbergCement (HC), with outlook stable, following the company's announced purchase of Italian peer Italcementi. HeidelbergCement intends to finance the EUR4.3bn eal (including Moroccan minorities) with EUR800m in shares sold to the seller, EUR1bn in disposals, EUR800m in capex and working capital savings and the remaining EUR1.7bn through a combination of operational cash flow and additional debt. "The affirm...

Fitch puts China Shanshui Cement ratings on Negative Watch

26 June 2015, Published under Cement News

Fitch Ratings has affirmed China Shanshui Cement Group Limited's (Shanshui) Long-Term Issuer Default Rating (IDR) and senior unsecured ratings of 'B+'. The agency has also put the rating on Negative Watch to reflect the possibility of Shanshui running into insolvency in the event that it is forced to redeem the US$500m 7.5 per cent senior notes due 2020 (2020 notes) if its chairman Zhang Bin is removed or the majority of its board members is changed. This follows the announcement on 19 June...

Fitch revises West China Cement's Outlook to Stable, affirms 'BB-' Ratings

25 June 2015, Published under Cement News

Fitch Ratings has revised West China Cement Limited's (WCC) Outlook from Negative to Stable. Its Long-Term Issuer Default Rating (IDR), senior unsecured and bonds ratings have been affirmed at BB-. The change in Outlook reflects WCC's strengthened position in its core Shaanxi market and its improved leverage, following the recent equity placement to Anhui Conch Cement Company Ltd (Conch). Key rating's drivers Conch ties strengthen market leadership Collaborating with conch will stre...

Fitch downgrades Cimento Tupi's Ratings

13 May 2015, Published under Cement News

Fitch has downgraded its rating for Cimento Tupi to ‘C’ following the Brazilian cement company’s announcement that it will miss its US$9m interest payment on its US$185m of senior unsecured notes due in 2018.  The downgrade reflects Tupi's inability to pay its coupon payment which will enter a 30 day cure period on its outstanding notes, Fitch said in a statement. Tupi hired investment bank Rothschild as its investment advisor as the company seeks relief from its high level of interest expe...

Fitch downgrades Shanshui to 'BB-'; on Negative Watch

20 April 2015, Published under Cement News

Fitch Ratings has downgraded China Shanshui Cement Group Ltd's Long-Term Issuer Default Rating (IDR) and senior unsecured rating to 'BB-' from 'BB'. The ratings have also been placed on Rating Watch Negative. The downgrade is driven by our view that the current weak cement price in Shanshui's core markets will persist, and affect the company's ability to improve its financial performance. The Rating Watch Negative follows a public announcement that parties related to China Tianrui Group Cem...

Fitch affirms Holcim at 'BBB'; Outlook Stable

15 April 2015, Published under Cement News

Fitch Ratings has affirmed Holcim Ltd's (Holcim) Long-term and Short-term Issuer Default Ratings (IDR) at 'BBB' and 'F2', respectively. The Outlook is Stable. "The affirmation reflects Holcim's leading market positions as one of the world's largest cement producers and our expectation that its financial profile remains commensurate with its 'BBB' rating. We expect a recovery in global end-markets, particularly in developed markets, and the continued healthy, albeit slowing, growth in emer...

Fitch affirms SCCC long-term rating, Thailand

09 April 2015, Published under Cement News

Fitch Ratings has affirmed Thailand-based Siam City Cement Public Company Limited's (SCCC) National Long-Term Rating at 'A(tha)', its National Short-Term Rating at 'F1(tha)', and the National Long-Term Rating on its senior unsecured debentures at 'A(tha)'. The Outlook is Stable. Key rating’s drivers Strong market position: SCCC's ratings are underpinned by its market position as Thailand's second-largest cement producer by market share, with a stable market share of 27 per cent. Fitc...

Fitch reaffirms Votorantim Cimentos ratings

07 April 2015, Published under Cement News

Fitch Ratings reaffirmed Votorantim Cimentos’ BBB rating and changed the company’s outlook from negative to stable. “Fitch’s decision took into consideration the financial discipline of the company and its conservative debt profile, especially in light of the current challenging economic scenario in Brazil,”, said Lorival Luz, Votorantim Cimentos’ Chief Financial & Investor Relations Officer. Votorantim Cimentos’ is currently rated investment grade on a national and global scale with s...

Fitch downgrades Cemento Tupi's ratings

23 March 2015, Published under Cement News

Fitch Ratings has downgraded Cimento Tupi SA's (Tupi) ratings as follows: foreign currency Issuer Default Rating (IDR) to 'CCC' from 'B-'; Local currency IDR to 'CCC' from 'B-'; Senior unsecured notes due 2018 to 'CCC/RR4' from 'B-/RR4'; --Long-term National Rating to 'CCC(bra)' from 'BB+(bra)'. The downgrade reflects the company's inability to deleverage or improve its liquidity position despite solid growth in sales volumes during 2014, Fitch writes. The rating's agency expects Tupi will ...

Fitch upgrades GCC’s ratings, outlook to stable

23 January 2015, Published under Cement News

Fitch 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 ...