Moody's affirms Lafarge, Blue Circle

Moody's Investors Service said it affirmed Lafarge's, Lafarge North America's and Blue Circle Industries' long term Baa2 ratings.

At the same time, the agency said that the outlook was changed to negative.

Moody's noted that the rating action was prompted by Lafarge's announcement to acquire the cement business of Orascom Construction Industries for around €8.8 billion, financed by a €2.8 billion capital increase, €6.0 billion of debt and the execution of disposals of several non-core assets and other measures to pay down indebtedness.

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