Cement News tagged under: Ratings
Moody's reviews West China Cement's B1 ratings22 June 2015, Published under Cement NewsMoody's Investors Service has put West China Cement Limited (WCC) B1 corporate family and senior unsecured debt ratings under review for upgrade. On 19 June 2015, WCC announced that Conch International Holdings (HK) Ltd (unrated) – a wholly owned subsidiary of Anhui Conch Cement Co, Ltd. (unrated) -- would subscribe to shares equivalent to a 16.67 per cent equity stake in WCC. The subscription proceeds of about HKD1.5bn would be used for general working capital and for potential acquisitio... |
ARM Cement ratings affirmed, Kenya09 June 2015, Published under Cement NewsGlobal Credit Ratings has today affirmed the national scale ratings assigned to Kenyan cement producer ARM Cement Ltd of A(KE) and A1(KE) in the long term and short term respectively, with the outlook accorded as Stable. Summary rating rationale Global Credit Ratings (GCR) has accorded the above credit rating(s) to ARM Cement (ARM) based on the following key criteria: ARM is becoming an increasingly important player in the East African cement industry, with its market share having grown... |
Fitch downgrades Cimento Tupi's Ratings13 May 2015, Published under Cement NewsFitch 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... |
Moody's: WCC's weakened 2014 results to have no impact on ratings20 March 2015, Published under Cement NewsMoody's Investors Service says that West China Cement Ltd's (WCC) weakened 2014 results are in line with the rating agency's expectations and will have no immediate impact on the company's B1 corporate family and senior unsecured ratings, or its stable rating outlook. "WCC's weakened profitability resulted in an increase in its financial leverage in 2014. However, we expect its financial leverage to slightly improve over the next 12-18 months owing to lower capital expenditure, says Jiming... |
India Ratings reaffirms Long-Term Issuer Rating to HeidelbergCement India28 January 2015, Published under Cement NewsCredit rating agency India Ratings and Research has reaffirmed Long-Term Issuer Rating of 'AA-' with stable outlook to the HeidelbergCement India. The rating indicates the high degree of safety regarding timely servicing of financial obligations and very low credit risk. HeidelbergCement Inida has production facilities at Damoh (Madhya Pradesh state), Jhansi (Uttar Pradesh), Ammasandra ( Karnataka) and Cochin (Kerala), and markets its products under the brand name Mycem across the various... |
Fitch affirms Pacasmayo's ratings; outlook stable19 January 2015, Published under Cement NewsFitch Ratings has affirmed the following ratings for Cementos Pacasmayo SAA): • Foreign currency Issuer Default Rating (IDR) at 'BBB-'; • Local currency IDR at 'BBB-'; • Senior unsecured US$300m notes due 2023 at 'BBB-'. The Rating Outlook is Stable. Key rating's drivers Solid business position Fitch said the ratings reflects Pacasmayo's solid business position, as the only cement producer in Peru's northern region which has resulted in high margins, low leverage and solid liquidi... |
Fitch Ratings revises China Shanshui Cement Outlook08 January 2015, Published under Cement NewsFitch Ratings has revised China Shanshui Cement Group Ltd's Outlook to Negative from Stable. Meanwhile, Shanshui's Long-Term Issuer Default Rating (IDR) and senior unsecured ratings have been affirmed at 'BB'. The Outlook revision reflects Shanshui's slower-than-expected deleveraging process, mainly driven by weaker cash flow generation due to the lower cement average sell price (ASP). "We expect Shanshui to be able to sustain its financial leverage, measured by FFO adjusted net leverage r... |
Moody's says WCC's profit warning is credit negative03 November 2014, Published under Cement NewsMoody's Investors Service says West China Cement Ltd's (WCC) profit warning for 2014 is credit negative. On 29 October 2014, WCC announced that its consolidated net profit for 2014 will fall substantially from 2013, based on preliminary results for the first nine months ended 30 September 2014. "Moody's expects WCC to demonstrate a lower EBITDA margin which will in turn increase its debt/EBITDA ratio, and will therefore continue to position the company weakly within the B1 rating level,... |
CIMB upgrades Semen Indonesia14 September 2014, Published under Cement NewsAnalysts at CIMB has upgraded Semen Indonesia to an add rating and lifted its target price from IDR17400 (US$1.46) to IDR18300 following a substantial government-mandated increase to dividend payouts of cash-generative state-owned enterprises. "While it remains to be seen if such high payout would continue into 2016, Semen Indonesia can afford to do so if asked, in our calculation, with marginal impact on profit-and-loss and balance sheets," CIMB writes. It calculates that the company'... |
Fitch rates West China Cement's Proposed Notes 'BB-(EXP)'02 September 2014, Published under Cement NewsFitch Ratings has assigned West China Cement Ltd's (WCC) proposed US dollar senior unsecured notes an expected rating of 'BB-(EXP)'. The notes will be issued by WCC and guaranteed by WCC's existing subsidiaries other than those organised under the laws of China. Refinancing drives Outlook revision WCC has US$400m of senior notes due January 2016 and CNY800m of onshore medium-term notes (MTN) due March 2016 that remain outstanding. The company intends to use the proceeds of the proposed no... |