S&P lifts Buzzi Unicem

S&P said it raised its ratings for Buzzi Unicem SpA and its debt to BBB from BBB-.

“Buzzi Unicem showed better-than-expected performance in 2020, particularly in North America and Europe, notwithstanding the negative impact of the pandemic. The group reported overall revenue growth of 1.6% in 2020, supported by resilient demand in some of its key markets such as Germany, Italy, and the U.S.,” S&P said in a press release.

“Buzzi Unicem's profitability and cash flow have considerably improved in the past few years and should remain resilient in 2021-2022.This performance allowed Buzzi Unicem's leverage metrics to significantly improve from 2018 to 2020, and we believe that it is sustainable for the next few years,” the agency said.

The outlook is stable.

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