S&P rates Titan Cement notes BB

S&P said it assigned BB ratings to Titan Cement International SA and its planned offering of €250 million of seven-year senior unsecured notes.

Proceeds will be used to refinance some of its €300 million notes due in June 2021 via a tender.

S&P said it is withdrawing the BB ratings on the group's former parent Titan Cement Co. SA.

“The proposed transaction is net debt neutral and will extend the company's maturity profile,” S&P said in a press release.

The outlook is stable.

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