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S&P stabilizes Cementos Pacasmayo view
S&P said it revised Cementos Pacasmayo SAA’s outlook to stable from negative and affirmed its BB+ ratings.
“Stronger-than-expected cement demand in northern Peru rose at a faster-than-expected pace because of rising DIY construction activity and greater public spending on infrastructure, mostly related to Peru's agreement with the U.K. As a result, CPAC posted an all-time high sales volume (about PEN 1.8 billion) in the last 12 months ended June 2021,” S&P said in a press release.
S&P said it forecasts CPAC's revenue to be close to PEN 1.7 billion by the end of 2021.
The outlook reflects the view that CPAC should deliver net debt to EBITDA of 2x-3x by the end of 2021 and in 2022.
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