S&P upgrades Titan Cement

Standard & Poor's said it raised its long-term ratings on Titan Cement Co. SA to BB from BB-.

At the same time, S&P affirmed the B short-term rating on Titan Cement.

The outlook is stable.

S&P said the upgrade follows the publication of S&P's revised "Ratings Above The Sovereign" criteria on Nov. 19. S&P said it now assesses Titan Cement's stand-alone credit profile in line with the new maximum rating of BB allowed for corporates with moderate sensitivity and material exposure to sovereigns rated B- or lower.

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