S&P affirms Cementos Progreso

S&P said it affirmed its BB- corporate credit rating on Cementos Progreso SA.

The outlook remains stable.

At the same time, the agency affirmed the BB- issue-level rating on Cementos Progreso Trust's $350 million senior notes due 2023.

S&P said the affirmation reflects the company’s consistent track record of solid operating and financial performance.

“The company has maintained its leading market share of about 80% in Guatemala's cement market, despite the increase in competition in the industry,” the agency said in a news release.

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