Leading, Peru-based cement producer Pacasmayo plans to issue approximately $300 million in senior unsecured notes to fund capital expenditures for its new Piura plant and refinance existing debt. We are assigning our 'BB+' long-term corporate credit rating to the company and a 'BB+' issue-level rating to its proposed senior unsecured notes. The stable outlook reflects our expectation that Pacasmayo's cement operations will continue to perform adequately supported by the growing housing construction sector in Peru. We assume the company will control the pace of its new projects in order to sustain leverage below 3.5x over the next 3 years. MEXICO CITY (Standard & Poor's) Jan. 25, 2013-- Standard & Poor's Ratings Services assigned its 'BB+' long-term corporate credit rating to...
Companies mentioned in this report are:
- Cementos Pacasmayo S.A.A.
Action: New Rating
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Research type: News
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