S&P affirms Titan Cement

Standard & Poor's said it affirmed the long- and short-term corporate credit ratings on Titan Cement Co. SA at BB+/B and removed them from CreditWatch with negative implications, where they were placed on Oct. 27.

The outlook is stable.

The affirmation is based on the belief that, after a sharp drop seen in 2008, credit metrics are likely to further erode in 2009, but to a much more moderate extent, according to the agency.

"At this stage, we anticipate that funds from operations should drop this year, but we think that discretionary cash flows should turn positive and allow some debt reduction," S&P analyst Xavier Buffon said in a statement.

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