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Fitch cuts InterCement
Fitch Ratings said it downgraded InterCement Participacoes SA's long-term local- and foreign-currency issuer default ratings and its wholly owned subsidiary InterCement Brasil SA's to CCC from B-. The agency also cut InterCement Financial Operations BV's 2024 notes to CCC/RR4 from B-/RR4 and InterCement's national scale rating to CCC(bra) from BB+(bra).
“The downgrade reflects InterCement's persistently high refinancing risks and limited refinancing alternatives despite improving operating cash flow generation and asset divestitures. Excluding its operations in Argentina (IDR C), the cash flow from which cannot be fully accessed, InterCement has an unsustainable capital structure. Current tight credit market conditions and increasing interest rates are further negative headwinds for InterCement as it approaches sizeable debt maturities in May and July 2024,” the agency said in a press release.
Fitch noted InterCement is talking with its creditors about extending borrowings that are due within 12 months and is expected to be discussing new loans and asset sales, mainly for its African subsidiaries, while actively evaluating opportunities to refinance its 2024 bonds and local debentures.
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