S&P: Grupo Cementos on watch

S&P said it placed the BB- long-term corporate credit and issue-level ratings on Grupo Cementos de Chihuahua SAB de CV on CreditWatch with negative implications.

The recovery rating on the company's $260 million senior secured notes due 2020 is unchanged at 3H and indicates 50% to 70% expected default recovery.

The CreditWatch listing follows news that the company reached an agreement to acquire several assets in the United States from Cemex SAB de CV, the agency said.

The terms and conditions of the transaction weren't disclosed and the deal is still subject to certain conditions and approvals, S&P said.

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