S&P puts Buzzi, Dyckerhoff on negative watch

Standard & Poor's said it placed the BB+ long-term corporate credit ratings on Buzzi Unicem SpA and its subsidiary Dyckerhoff AG on CreditWatch with negative implications.

The agency also said it affirmed the B short-term corporate credit ratings on both companies.

The CreditWatch placement follows Buzzi group's recent publication of its first-half results for 2013, which were below expectations in some key markets, including Italy, Mexico and Eastern Europe, the agency said.

The group's EBITDA declined due to lower volume sales and pressure on margins, which were hit by a reduced level of construction and electric power hikes, S&P said.

At the same time, Buzzi group's top management announced an acceleration of cost-saving and efficiency projects in its most critical markets, the agency added.

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