Fitch boosts InterCement

Fitch Ratings said it upgraded InterCement Participacoes SA's and InterCement Brasil SA's long-term local- and foreign-currency issuer default ratings to B- from CCC. The agency also raised InterCement Financial Operations BV's 2024 notes to B-/RR4 from CCC/RR4.

InterCement's National Scale rating are upgraded to BB+(bra) from B-(bra). Fitch assigned a stable outlook.

“The upgrade reflects past quarters of improvement on InterCement's capital structure, both on a consolidated basis and when excluding Argentinean operations (giving the limitations to access its cash flow). This improvement was a result of solid volumes, benign pricing environment and profitability gains,” the agency said in a press release.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.