S&P lifts Trinidad Cement

Standard & Poor’s said it raised the corporate credit rating on Trinidad Cement Ltd. Group to CCC from D.

The agency also said it placed the rating on CreditWatch positive to reflect the likelihood that Trinidad Cement’s liquidity could improve if the company successfully refinances its current bridge loan due February 2016.

S&P also said it assigned a preliminary B- rating to the company’s proposed $245 million senior secured term loan.

The upgrade reflects the company’s completion of its debt restructuring in May 2015 after the company missed its debt-service payments in September 2014, the agency said.

The CreditWatch positive listing reflects the likelihood that Trinidad Cement could improve its debt maturity profile and liquidity within the next three months, S&P said.

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