S&P lifts Titan Cement to BB+

S&P said it raised its long-term corporate credit ratings on Titan Cement Co. SA and its 100% owned finance company Titan Global Finance plc to BB+ from BB. The outlook is stable.

At the same time, S&P affirmed the short-term ratings on Titan Cement at B.

S&P also raised the issue ratings on the €300 million fixed-rate notes due July 2019 and €300 million fixed-rate notes due June 2021, issued by Titan Global Finance plc, to BB+ from BB.

S&P said Greece-based cement producer Titan Group's robust operating performance in the U.S. continues to fuel an improvement in overall group results and credit metrics despite persistently challenging market conditions in some core markets, such as Egypt, Brazil, Turkey and Greece.

“We now expect that Titan's credit metrics will stabilize at a level comfortably commensurate with an intermediate financial risk profile, specifically funds from operations (FFO) to debt of more than 30%, and debt to EBITDA of about 2.5x,” the agency said in a news release.

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