S&P Global Ratings has upgraded its long-term South Africa national scale rating on cement producer, PPC. The company is now rated zaA from zaBBB.
“The investment grade rating reflects S&P’s view that PPC’s underlying credit metrics are broadly stable,” the company said in a release to the Johannesburg Stock Exchange. “In particular, S&P regards PPC as having adequate liquidity.”
S&P also removed the ‘under criteria observation’ designation from PPC’s short-tern South Africa national scale rating.
“The ratings upgrade demonstrates the impact of the financial disciplines and strategic measures PPC has introduced to improve the group’s liquidity and reduce leverage as outlined in the group’s FOH-FOUR strategic priorities,” concluded the company.
Read the article online at: https://www.worldcement.com/africa-middle-east/05072018/ppc-achieves-investment-grade-rating/