Fitch downgrades InterCement

Fitch Ratings said it downgraded the long-term local- and foreign-currency issuer default ratings of InterCement Participacoes SA and its wholly owned subsidiary InterCement Brasil SA to CC from CCC Fitch also cut InterCement Financial Operations BV's 2024 notes to CC/RR4 from CCC/RR4 and InterCement's national scale rating to CC(bra) from CCC(bra).

“The downgrade reflects Fitch's view that InterCement is likely to enter in a debt restructuring process soon, while it completes additional asset sales. Within this period, the company's strategy to preserve cash could also accelerate a default-like process,” the agency said in a press release.

The company is working with its creditors to extend debt due within the next nine months, Fitch said.

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