S&P affirms InterCement, Cimpor

S&P said it affirmed the BB- long-term corporate credit rating on InterCement Brasil SA and affirmed the national scale rating of brA+.

The outlook is negative.

The agency also affirmed the issue-level rating at BB- on Cimpor Financial Operations BV's bond issuance, which InterCement Brasil and InterCement Participacoes (not rated) fully guarantee.

The recovery rating remains 3, indicating an expectation of meaningful (60%) recovery in a hypothetical default scenario.

S&P said the affirmation follows the successful IPO of InterCement Participacoes' Argentinean subsidiary, Loma Negra (not rated), which will enable the group to reduce debt and improve its capital structure.

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