S&P revises Titan Cement view to negative

S&P said it revised to negative from stable its outlook on Titan Cement Co. SA and its 100% subsidiary, Titan Global Finance plc and affirmed the long- and short-term issuer credit ratings on both entities at BB+/B.

At the same time, S&P said it affirmed its BB+ issue rating on all the senior unsecured fixed-rate notes issued by Titan Global, including €287 million due in 2019 (€160 million outstanding), €300 million due 2021 and €350 million due 2024. The recovery ratings on the bonds are unchanged at 4, reflecting an expectation of average recovery (30%-50%; rounded estimate: 45%) in the event of a payment default.

“The outlook revision reflects that Titan's ratios are likely to remain weak,” S&P said in a news release.

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