S&P affirms Elementia

Standard & Poor’s said it affirmed its BB+ corporate credit rating on Elementia, SAB de CV. The outlook remains stable.

At the same time, S&P affirmed the BB+ issue-level rating on Elementia’s $425 million senior unsecured notes due 2025. S&P revised the recovery rating on these notes to 4H from 3H, indicating an expectation of average (30%-50%; higher band of the range) recovery prospect in the event of a payment default.

“During 2015, Elementia continued to post solid operating and financial results, which in our view, benefit from favorable momentum in the markets where it operates. This in turn bolsters volumes and prices in the company’s cement and building system divisions, amid focus on higher value-added products in the metal division,” S&P said in a news release.

“Elementia has also strengthened its capital structure and liquidity position over the past few months, and we believe that it is now well capitalized to fund its growth strategy.”

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