Cement News tagged under: West China Cement
Fitch revises West China Cement's Outlook to Stable, affirms 'BB-' Ratings25 June 2015, Published under Cement NewsFitch 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... |
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... |
West China Cement issues Conch International HK$1.53bn worth of shares19 June 2015, Published under Cement NewsWest China Cement said Friday that it will issue HKD1.53bn (US$197.4m) worth of shares to to Conch International Holding, a wholly owned subsidiary of Anhui Conch Cement Company Ltd. The Hong Kong-listed company said it would use the proceeds for future acquisitions and investments. At HK$1.69 a piece, the issued shares are at a 0.59 per cent discount to the stock's last closing price. The total amount of shares represent 20 per cent of the company's issued share capital and 16.67 per cen... |
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... |
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,... |
WCC raises US$400m in bond offering, China05 September 2014, Published under Cement NewsWest China Cement (WCC) has raised US$400m in a five-year bond deal with proceeds intended to refinance the same amount of debt. With an order book of US$4bn from 260 institutional accounts, the latest bond deal offered investors a coupon rate of 6.5 per cent, compared with 7.5 per cent on the previous five-year bond that matures in 2016, according to a term sheet seen by the South China Morning Post. At the subscription level the deal was well received by fund investors, who represente... |
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... |
West China Cement: proposed bond offering for refinancing29 August 2014, Published under Cement NewsWest China Cement (WCC) proposes to conduct an international offering of senior notes and will commence a series of roadshow presentations beginning on or around 1 September 2014 to certain institutional investors in Asia and Europe. The notes will be issued by WCC and guaranteed by WCC's existing subsidiaries other than those organised under the laws of China. WCC plans to use the proceeds of the proposed notes to refinance a portion of its US$400m notes due January 2016. However, the com... |
Moody's: WCC results in line with expectations21 August 2014, Published under Cement NewsMoody'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... |
West China Cement first-half revenue rises despite flat volumes18 August 2014, Published under Cement NewsWest China Cement reported higher revenue and gross profit margins for the six months to the end of June 2014, boosted by higher average selling prices (ASP) in its core markets in Southern Shaanxi province as overall sales volumes remained flat. Revenue reached CNY1,997.7m an increase of 1.5 per cent from a year earlier. The gross profit margin increased to 19.3 per cent from 17.6 per cent for the same period last year. Profit attributable to owners for the six months ended 30 June 2014 d... |