Cement News tagged under: Ratings

RSS feed

Fitch: Votorantim Cimentos ‘backbone’ of parent rating

26 August 2014, Published under Cement News

Fitch has affirmed the ratings for Votorantim and its subsidiaries, highlighting that its cement division continues to be the “backbone of the parent company's rating”. The ratings agency notes that Votorantim Cimentos (VCSA) is the key operating subsidiary of Votorantim Participacoes SA (VPAR). "VCSA is poised to improve its operating cash flows due to investments that have increased its cement capacity in Brazil from 23Mta to 32Mta since 2011," Fitch said in a statement. It projects VCSA...

Moody's: WCC results in line with expectations

21 August 2014, Published under Cement News

Moody's Investors Service says that West China Cement Ltd's (WCC) first-half results are in line with Moody's expectations. As a result, WCC's B1 corporate family and senior unsecured ratings remain unchanged. "WCC improved its profitability and financial leverage in 1H 2014, despite a moderation in revenue growth, due to slowing cement demand," says Jiming Zou, a Moody's Assistant Vice President and Analyst. During 1H 2014, WCC achieved a 1.5 per cent YoY  growth in sales, which was do...

Fitch affirms HeidelbergCement’s ratings

07 August 2014, Published under Cement News

Fitch Ratings has affirmed HeidelbergCement’s Long-term Issuer Default Rating (IDR) at 'BB+' and Short-term IDR at 'B'. The Outlook on the Long-term IDR is 'Stable'. The agency has also affirmed the senior unsecured rating of debt issued by HC's related entities, HeidelbergCement Finance BV, HeidelbergCement Finance Luxembourg SA and Hanson Ltd at 'BB+'. “The affirmation reflects HC's investment grade business profile as the world leader in aggregates and a top three cement producer. Th...

Fitch: ratings unchanged for Votorantim

02 June 2014, Published under Cement News

According to Fitch Ratings, the recent decision by Brazil's antitrust agency, CADE, to stiffen the penalties against Brazilian cement companies allegedly engaged in price collusion presents a significant challenge to Votorantim Cimentos (VCSA), but it will not result in a negative action to its 'BBB' rating. VCSA's Rating Outlook was affirmed by Fitch at Negative on April 8, 2014. This rating action took into consideration the possibility of a negative ruling by CADE. All six of the cemen...

S&P affirms Buzzi rating, raises outlook

22 May 2014, Published under Cement News

Buzzi Unicem informs that today Standard & Poor’s affirmed the long-term corporate rating (BB+) and the short-term rating (B) on Buzzi Unicem, revising the outlook to stable from negative.

Moody's assigns a Baa3 rating to Votorantim Cimentos proposed notes due 2021; outlook stable

17 April 2014, Published under Cement News

Moody's Investors Service has assigned a Baa3 rating to the proposed up to EUR750m seven-year senior unsecured notes to be issued by Votorantim Cimentos SA. The outlook for the ratings is stable. “Votorantim Cimentos' Baa3 ratings reflect primarily the company's leading position in the Brazilian cement market, strong credit metrics, adequate liquidity, as well as its large scale and integrated operations, that translates in leading market share and above-average EBITDA margins when compare...

West China Cement ratings upgrade

25 March 2014, Published under Cement News

Moody's Investors Service has changed the outlook of the  B1 corporate family rating and B1 senior unsecured bond ratings of West China Cement from negative to stable. At the same time, the research house has affirmed both ratings. "The change in outlook to stable reflects an improvement in WCC's debt leverage and a slowdown in its capital expenditure," said Jiming Zou, a Moody's Assistant Vice President and Analyst. In addition, Moody's pointed out that the acquisitions made by WCC in ...

HeidelbergCement upgrade

28 February 2014, Published under Cement News

Moody's Investors Service has upgraded the provisional (P)Ba2 MTN ratings and the Ba2/(P)Ba2 ratings on the notes outstanding to (P)Ba1 and Ba1, respectively of HeidelbergCement AG and its subsidiaries. The Ba1 coporate family rating (CFR) and the stable outlook remain unchanged. The upgrade of HeidelbergCement's MTN and bond ratings follows the signing of a new five year EUR3bn revolving credit facility that removes all securities and upstream guarantees contained in the previous facility...

Citigroup raises HeidelbergCement price target

11 December 2013, Published under Cement News

Analysts at Citigroup have raised the price target for HeidelbergCement and given the German cement major a "buy" rating. The price target was set at EUR61-62. At a current price of the HeidelbergCement stock of EUR54.20 this means an upside potential of 14.39 per cent. The outlook for building materials manufacturers in Europe is improving, according to analyst Aynsley Lammin in a sector report.

S&P revises GCC’s outlook to stable, Mexico

12 September 2013, Published under Cement News

Standard & Poor's has affirmed its B-rating for Mexico-based producer Grupo Cementos de Chihuahua (GCC) and has revised the outlook from positive to stable. The rating reflects GCC's "aggressive financial risk profile and weak business risk profile" and is constrained by the company's geographic concentration, limited scale and less than adequate liquidity. The company's operations were affected by a longer than expected winter in the US during 1H13 that "limited construction activiti...