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S&P lifts Camargo Correa, InterCement view to stable
S&P said it revised the outlook on Camargo Correa SA and InterCement do Brasil SA to stable from negative.
The agency also said it affirmed the BB- global scale corporate credit ratings on both companies.
S&P also said it raised the national scale issue-level rating on Camargo Correa and the corporate credit rating on InterCement to brA from brA-.
The ratings incorporate the group's diversification and good recovery prospects from unencumbered liquid assets, the agency said.
The recovery rating of 3 on Camargo Correa’s rated debt indicates 50% to 70% expected default recovery.
The outlook revision reflects a view that liquidity pressure on Camargo Correa will ease in the next 24 months once the sale of its equity stake in CPFL Energia SA is completed, S&P said.
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