S&P cuts Titan Cement

S&P said it downgraded the ratings on Titan Cement SA and its notes to BB from BB+.

“The downgrade reflects that Titan’s recovery has slowed again in 2019, following weaker-than-expected performance last year. We forecast that Titan’s adjusted FFO to debt will be about 25% in 2019 (up from 23.8% in 2017), increasing moderately to 26%-29% in 2020. Despite the moderate recovery, this is significantly below our previous expectation of 31%-34% FFO to debt in 2019. We expect this ratio to remain below 30% in 2020, the minimum level commensurate with a higher rating,” said S&P in a press release.

The outlook is stable.

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