S&P slices InterCement Brasil

S&P said it downgraded its global scale issuer and issue-level credit ratings on InterCement Brasil SA to CCC- from CCC+ and also the national scale rating to brCCC- from brBB-. The recovery rating on the 2024 senior unsecured notes remains unchanged at 3.

“The parent company, InterCement Participacoes SA (InterCement), hired a financial advisor to address its unsustainable capital structure following delays in negotiations with banks to refinance upcoming maturities and amid tough global and domestic credit conditions,” S&P noted in a press release.

The outlook is negative.

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