Moody's has upgraded Loma Negra's global local currency corporate family rating to Ba3 (stable) from B2, while confirming its Ba3 global local currency rating and Aa2.ar national scale rating. This covers Loma Negra's $100m senior unsecured notes due 2013, which are guaranteed by Camargo Correa Cimentos (CCC). “The ratings reflect Loma Negra's leading position in the Argentine cement market and solid financial profile, with low leverage and high operating margins, which are sustained by logistics-related barriers to entry,” says Moody’s. “The ratings also incorporate expected support from CCC, due to the presence of cross default provisions that would cause an acceleration of most of CCC's debt in the event of a default at Loma Negra,” it adds. Constraints include uncertainties related to the pricing environment in Argentina, risks related to energy costs and a likely increase in capital expenditures, resulting in increased leverage.