Bulletin: Camargo Correa S.A. Rating Unaffected By Creation Of New Holding Company Apr 11

Standard & Poors, April 2011

Abstract
SAO PAULO (Standard & Poor's) April 29, 2011--Standard & Poor's Ratings Services said today that its ratings on Camargo Corrêa S.A. (CCSA; BB/Negative/--) and Camargo Correa Cimentos S.A. (CCC; BB/Negative/--; NS: brAA-/Negative/--) are not immediately affected by CCSA's announcement that it has created a new holding company, InterCement Participações S.A. The new company will control all CCSA's cement assets, including CCC in Brazil, Loma Negra C.I.A.S.A. (B+/Stable/--) in Argentina, and its 33% stake in Cimpor Cimentos de Portugal, S.G.P.S., S.A. (BBB-/Stable/--). As the restructuring concludes in the coming months, CCC will be renamed InterCement Brasil S.A. From a credit standpoint, we see these changes in the corporate structure as neutral, as they imply no changes in cash flows or indebtedness....

Companies mentioned in this report are:
- Camargo Correa S.A.
- Loma Negra C.I.A.S.A.
- Cimpor Cimentos de Portugal, S.G.P.S. S.A.
- InterCement Brasil S.A.

Action: Bulletin

Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress Credit Research lets users determine the credit rating of holdings and identify key factors underlying an issuer's creditworthiness, distinguishes the different risk exposures for new and existing deals, and provides an understanding of how their analysts interpret key regulatory, political and environmental events and their economic impact.

Research type: News
This product is a is a brief one-page announcement of no more than 500 words with a quote from the analyst. It is media and investor focused with no accompanying commentary article.

- Camargo Correa S.A.
- Loma Negra C.I.A.S.A.
- Cimpor Cimentos de Portugal, S.G.P.S. S.A.
- InterCement Brasil S.A.

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