S&P cuts Titan Cement to BB

Standard & Poor's said it lowered the long-term corporate credit and issue ratings on Titan Cement Co. SA to BB from BB+. The short-term rating is unchanged at B.

The long-term corporate credit and issue ratings remain on CreditWatch, where they were originally placed with negative implications in December 2010.

The downgrade reflects a view that Titan's business risk profile, which is assessed as fair, has been weakened by its exposure to the declining credit quality of its home market of Greece, while a number of its other core markets are weak or troubled, S&P said.

Titan is exposed to North African markets that are currently experiencing political upheaval or conflict, the agency said, and south eastern European markets that remain depressed.

The CreditWatch negative placement continues to reflect a view that a further weakening of Greece's credit quality could have negative consequences on Titan's ratings, S&P said.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.