Skip to main content

Fitch upgrades Trinidad Cement

Published by
World Cement,

Fitch Ratings has upgraded Trinidad Cement (TCL) after Cemex increased its shareholding in the company, the ratings agency said in a recent press release. TCL’s local and foreign currency Issuer Default Ratings were raised from B- to B+.

According to the ratings agency, a “tighter relationship with Cemex should improve TCL’s market position and financing options.”

Cemex recently increased its holding in TCL from 39.5% to around 70%, after its takeover bid for the company was approved by the Trinidad and Tobago Ministry of Finance. Its share may yet grow up to 74.9%, as the offer remains open to Jamaican shareholders un 7 February.

TCL is a major producer of cement in the Caribbean, operating eight companies in Trinidad, Barbados, Guyana, Jamaica and Anguilla. It has total capacity across three cement plants of 2.4 million tpy.

Another ratings increase in the near term was “unlikely”, according to Fitch, although further tightening of the company’s relationship with Cemex “could be considered positive.”

Read the article online at:

You might also like



WCT2020 provides a unique online forum for cement industry professionals to hear first-hand from experts through a series of exclusive presentations from cement producers and industry experts.

Find out more and register for the series »



World Cement Spotlight with Rockwell Automation

World Cement Editor, David Bizley, sat down with Michael Tay, Advanced Analytics Product Manager at Rockwell Automation to discuss his recent article in World Cement.

Entitled ‘Smooth Sailing’, this article explains how machine learning can help save energy, reduce downtime and predict equipment failures, thus enabling the smooth running of cement plant operations.

Watch the interview now »


Embed article link: (copy the HTML code below):


This article has been tagged under the following:

Cemex news