S&P affirms Camargo

Standard & Poor's said it affirmed its BB ratings on Camargo Correa SA and removed the ratings from CreditWatch with negative implications.

The agency had placed the ratings on CreditWatch on April 2, after its subsidiary, InterCement Brasil SA, announced a public offer to acquire the remaining 67% of Cimpor Cimentos de Portugal, SGPS SA's shares on Portugal's stock exchange.

The outlook is stable.

S&P said the rating action follows Camargo's successful takeover of Cimpor from the majority of existing shareholders.

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