S&P upgrades Anhui Conch to A

S&P said it raised its long-term corporate credit rating on Anhui Conch Cement Co. Ltd. to A from A-.

The outlook is stable.

The agency said it raised the rating because it expects the company to continue to lower its financial leverage over the next 12-24 months, owing to a likely improvement in its operating efficiency and a disciplined approach to investment and expansion.

“In our base case, we expect Conch Cement's leverage, as measured by the ratio of debt to EBITDA, to stay below 1x and the ratio of free operating cash flow to debt to increase to more than 60% over the next two years,” S&P said in a news release.

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