Fitch upgrades Trinidad Cement

Fitch upgrades Trinidad Cement

Mexico Caribbean Trinidad & Tobago Loans Corporate & Sovereign Strategy

Fitch has upgraded Trinidad Cement Limited (TCL) to B+ from B- after Mexico's Cemex agreed to increase its stake in the Caribbean company to 67%. The rating agency said TCL’s market position and financing options would benefit from a "tighter relationship" with Cemex. TCL’s ratings remain one notch below Cemex because of its limited geographical presence and volatile cash flow, Fitch said in a statement. The Caribbean company has defaulted on loans twice in the last five years, which has impacte

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