Moody's cuts Intercement Brasil

Moody's Investors Service said it downgraded the corporate family rating of Intercement Brasil SA and its senior unsecured debt ratings to B1 from Ba3.

At the same time, the ratings of Loma Negra, the company's subsidiary in Argentina, were downgraded to B1 from Ba3 and its Aa2.ar national scale rating was confirmed.

The outlook is stable.

Moody's said the downgrade has been precipitated by the much higher leverage as a result of Intercement's acquisition of 45.9% of the outstanding common shares of Cimpor - Cimentos de Portugal, SGPS, SA for €1.5 billion.

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