Cement News tagged under: Fitch Ratings

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HeidelbergCement cancels S&P ratings agreement

26 November 2012, Published under Cement News

HeidelbergCement has cancelled its long-standing rating agreement with the rating agency Standard & Poor's (S&P). Its agreements with FitchRatings and Moody's will continue unchanged. HeidelbergCement's issuer/corporate rating is Ba1 stable by Moody's Investor Service and BB+ stable by Fitch Ratings. "Thanks to its outstanding reputation at the credit markets and the ratings from Moody’s and Fitch, HeidelbergCement retains a strong capability to successfully execute capital market tran...

Defending profitability key for European companies

03 July 2012, Published under Cement News

Fitch Ratings says that the ability to defend profitability in emerging countries is the most critical issue for the rating of the European cement companies rated by the agency, Holcim Ltd. ('BBB'/Stable), Lafarge SA ('BB+'/Stable) and HeidelbergCement AG ('BB+'/Stable). In its special report, Fitch compared the current financials of the major European cement companies to the pre-crisis situation to assess if and how geographical diversification helped companies to recover revenue and prese...

Fitch migrates Binani Cement to non-monitored, India

02 July 2012, Published under Cement News

Fitch Ratings has migrated India-based Binani Cement Limited's (BCL) National Long-Term 'Fitch A(ind)' rating with a Negative Outlook to the non-monitored category. This rating will now appear as 'Fitch A(ind)nm' on the agency's website. The ratings have been migrated to the non-monitored category due to lack of adequate information, and Fitch will no longer provide ratings or analytical coverage of BCL. The ratings will remain in the non-monitored category for a period of six months and b...

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 ...

Fitch affirms Lafarge IDR at BB+

13 June 2012, Published under Cement News

Fitch has affirmed the Long-term Issuer Default Rating (IDR) and the senior unsecured rating of Lafarge at BB+ with a "stable" outlook. The affirmations reflect Fitch's view that the group will continue to reduce debt and improve its credit metrics in 2012, the agency said in a statement today. Fitch expects Lafarge's leverage ratio to fall below 4.0x by the end of 2012, a level that would be in line with the current rating. However, Fitch forecasts part of the envisaged EUR500m savings i...