Fitch changes Elementia to stable

Fitch Ratings said it affirmed Elementia, SAB de CV's long-term foreign- and local-currency issuer default ratings at BB+ and long-term national scale rating at A+(mex).

The outlook was revised to stable from positive.

Fitch said the outlook revision reflects its expectations of Elementia's net leverage increasing to slightly more than 3 times from below 2 times as of year-end 2015 due to the announced acquisition of a 55% stake of Giant Cement Holding, Inc. This company has 2.8 million tons of annual cement capacity spread across three cement plants in the eastern United States.

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