Research Update: Building Materials Producer PPC Assigned 'zaA+' Long-Term And 'zaA-2' Short-Term South Africa National Scale Ratings Feb 13

Standard & Poors, February 2013

Abstract
We assess South Africa-based building materials manufacturer PPC Ltd. as having a "fair" business risk profile and an "intermediate" financial risk profile. We are assigning our 'zaA+' long-term and 'zaA-2' short-term South Africa national scale ratings to PPC. The ratings incorporate our assessment of PPC's "adequate" liquidity, and our anticipation of substantial increases in capital expenditure. On Feb. 18, 2013, Standard & Poor's Rating Services assigned its 'zaA+' long-term and 'zaA-2' short-term South Africa national scale credit ratings to South Africa-based heavy building materials producer PPC Ltd. The ratings on PPC reflect our assessment of the group's "fair" business risk profile, and "intermediate" financial risk profile, as our criteria define these terms. Our assessment of PPC's "fair" business risk profile...

Companies mentioned in this report are:
- PPC Ltd.

Action: New Rating

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.

Product Type: Research Update
Research updates complement media releases. They offer more depth and detail than summary analyses by incorporating all information published in the media release. They are more up to date than summaries in that they are published simultaneously with media releases.

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