Moody's: Votorantim Cement outlook stable

Moody's Investors Service said it revised Votorantim Cement North America, Inc.'s outlook to stable from positive and affirmed its corporate family rating, $150 million senior secured revolving credit facility and $425 million senior secured term loan facility at Ba1.

The agency said the stabilization of Votorantim Cement's outlook reflects deteriorating conditions and pricing in the building materials industry and resulting weakening in earnings generation and cash flow metrics at the company. It also reflects the stabilization of the outlook to stable for parent company Votorantim Participações SA.

Votorantim Cement's Ba1 corporate family rating continues to be supported by the importance of the company to its parent and its inclusion as a material subsidiary in Votorantim Participacoes' notes documentation, which contains cross-default and cross-acceleration language.

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