S&P lowers Elementia to BB-

S&P said it lowered its issuer credit rating on Elementia to BB- from BB, downgraded its $425 million senior unsecured notes to BB- from BB and affirmed the recovery rating at 3.

The ratings remain on CreditWatch with negative implications.

“We anticipate that a global recession from the coronavirus pandemic will undermine Mexican building materials company Elementia's revenue and cash generation in most of its operations – across its three business units in Mexico, the U.S., and Central and South America,” S&P said in a news release. “As a result, we no longer forecast a consistent deleveraging trend with adjusted debt to EBITDA consistently below 4.0x in 2020.”

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.