Oct 2014 Financial News

TCL downgraded by second rating agency

Oct 08, 2014

Just days after being downgraded by Standard & Poor’s (S&P) credit rating agency, Trinidad Cement Limited has been given the same treatment by Fitch Ratings. Yesterday Fitch’s primary analyst Phillip Wrenn said in a statement that cement company’s foreign and local currency issuer default ratings (IDRs) had dropped to ‘D’ from ‘B-’. 

“This downgrade to ‘D’ follows the announcement by TCL’s Board of Directors on September 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 September 30, 2014. These maturities are not subject to a grace period.” He said Fitch considers the missed debt payment an event of default.

The analyst noted that TCL's board of directors had announced a new restructuring plan due to be submitted by October 31.

Source:
Trinidad Guardian
Wednesday October 8, 2014

http://www.guardian.co.tt/business/2014-10-08/tcl-downgraded-second-rating-agency