S&P cuts InterCement Brasil

S&P said it downgraded InterCement Brasil SA and the company’s debt rating to B from B+ on continuing challenging business conditions and higher leverage.

“The downgrade reflects InterCement's likely lower earnings and EBITDA for the next 12 months due to higher risks to the company's competitive advantages. After the disposal of the Portuguese and Cape Verde operations last year, InterCement's footprint has shrunk and remains concentrated in Brazil and Argentina, where operating conditions are subpar,” S&P said in a news release.

The outlook is stable.

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