Fitch Downgrades Trinidad Cement Limited to 'D'

CHICAGO--()--Fitch Ratings has downgraded Trinidad Cement Limited Group's (TCL) foreign and local currency Issuer Default Ratings (IDRs) to 'D' from 'B-'. Fitch also withdraws TCL's proposed senior secured notes expected rating of 'B-/RR4(EXP)'. This expected rating has been withdrawn as the proposed debt instrument will no longer be issued by the company.

This downgrade to 'D' follows the announcement by TCL's Board of Directors on Sept. 29, 2014 of a 'standstill' on all payments due under existing restructured loan agreements. As a result, TCL missed its debt service payments due on Sept. 30, 2014. These maturities are not subject to a grace period.

Fitch considers the missed debt payment an event of default.

TCL's Board of Directors announced a new restructuring plan on the same date, due to be submitted by Oct. 31, 2014.

Additional information is available at 'www.fitchratings.com'.

Applicable Criteria and Related Research:

--'Corporate Rating Methodology' (May 28, 2014).

Applicable Criteria and Related Research:

Corporate Rating Methodology - Including Short-Term Ratings and Parent and Subsidiary Linkage

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=749393

Additional Disclosure

Solicitation Status

http://www.fitchratings.com/gws/en/disclosure/solicitation?pr_id=892354

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Contacts

Fitch Ratings
Primary Analyst
Phillip Wrenn, +1-312-368-2075
Associate Director
Fitch Ratings, Inc.
70 W. Madison Street
Chicago, IL 60602
phillip.wrenn@fitchratings.com
or
Secondary Analyst
Jay Djemal, +1-312-368-3134
Director
or
Committee Chairperson
Joe Bormann, CFA, +1-312-368-3349
Managing Director
or
Media Relations, New York
Elizabeth Fogerty, +1-212-908-0526
elizabeth.fogerty@fitchratings.com

Contacts

Fitch Ratings
Primary Analyst
Phillip Wrenn, +1-312-368-2075
Associate Director
Fitch Ratings, Inc.
70 W. Madison Street
Chicago, IL 60602
phillip.wrenn@fitchratings.com
or
Secondary Analyst
Jay Djemal, +1-312-368-3134
Director
or
Committee Chairperson
Joe Bormann, CFA, +1-312-368-3349
Managing Director
or
Media Relations, New York
Elizabeth Fogerty, +1-212-908-0526
elizabeth.fogerty@fitchratings.com