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Prospect News home > News index > List of issuers G > Headlines for Grupo Cementos de Chihuahua SAB de CV > News item |
S&P rates GCC notes BBB-
S&P said it assigned its BBB- issue-level rating to GCC SAB de CV's (formerly known as Grupo Cementos de Chihuahua SAB de CV) planned senior unsecured sustainability-linked notes for up to $500 million with a 10-year tenor. The agency upgraded Grupo Cementos de Chihuahua to BBB- from BB+ on March 18.
The issuance will be senior unsecured but guaranteed by the company's main subsidiaries, including GCC Cemento SA de CV, Cementos de Chihuahua SA de CV and GCC of America Inc. “Therefore, following the transaction, the proposed notes will rank pari passu with GCC's existing and future senior unsecured debt, including the company's outstanding syndicated loan. We consider it's unlikely that any lenders would be significantly disadvantaged relative to others,” S&P said in a press release.
The company will mainly use the proceeds to refinance debt and to a lesser extent for general corporate purposes.
“Thus, we don't expect the transaction to significantly increase GCC's net leverage,” the agency said.
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