Cementos Argos may refinance short-term debt in 2015, Fitch

The majority of Cementos Argos’ short-term debts due in 2015 are expected to be refinanced, according to an analysis of Colombian cement firm by Fitch Ratings.

This move is anticipated due to the pressure on free cash flow during 2014 that was caused by the firm's aggressive acquisition programme, while the ratings agency believes that the business's liquidity is adequate and its funds from operations are stable.

Cementos Argos has available credit worth COP2.20tn (US$922.43m), as well as shares in companies belonging to the group that can be disinvested without the company losing control. As of June 2014, the business's shares were valued at US$8.89bn, while its financial debt/EBITDA ratio stood at 3.9x, up from 2.5x at the close of 2013, although lower than 4.1x over 2010-2013.