Trinidad Cement upgraded by ratings agencies

Ratings agencies Fitch and Standard and Poor’s have upgraded their evaluations of the credit-worthiness of Trinidad Cement Ltd (TCL), the Trinidad Express reports.

Fitch moved its rating up two places, from B- to B+, while Standard and Poor’s moved the company to B grade.

Fitch explained that Cemex’s decision to increase its stake in the firm to 67 per cent would have a positive impact on TCL, expanding the options available to it in both marketing and finance.

Over the past five years, TCL has twice defaulted on loan obligations.