Moody’s gives Unacem CFR, notes Ba2

Moody's Investors Service said it assigned a Ba2 corporate family rating to Union Andina de Cementos SAA's (Unacem).

At the same time, the agency assigned a Ba2 rating to Unacem's proposed $700 million senior unsecured notes due 2024.

The outlook is stable.

Moody’s said Unacem's Ba2 corporate family rating is supported by the company's leading market position in its core cement market in Peru, with a regional concentration in the central region of Peru, containing Lima, by far the most relevant market in the country.

The rating also entails Unacem's cost-competitive operations based on vertical integration and the solid fundamentals of the sector in Peru. High barriers to entry the cement market are also viewed as credit positives, the agency said.

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