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Caribbean Cement's parent, Trinidad Cement Limited (TCL) has been hit with another rating downgrade.
Days after being downgraded by Standard & Poor’s the company has been given the same treatment by Fitch Ratings. Fitch’s primary analyst, Phillip Wrenn, in a statement, said the cement company’s foreign and local currency issuer default ratings had dropped to ‘D’ from ‘B-’.
The downgrade follows the announcement by TCL’s Board on September 29 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. Mr. Wrenn said Fitch considers the missed debt payment a default.
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