Fitch Downgrades Cimento Tupi to 'RD'

CHICAGO & SAO PAULO--(BUSINESS WIRE)-- Fitch Ratings has downgraded Cimento Tupi S.A.'s (Tupi) foreign and local currency Issuer Default Ratings (IDRs) to 'RD' from 'C' and its national scale rating to 'RD (bra)' from 'C (bra)'. Fitch has also affirmed Tupi's senior notes at 'C/RR4'.

KEY RATING DRIVERS

The downgrades follow the expiration of the 30-day grace period after the non-payment of the company's interest payments on its USD185 million 2018 senior unsecured notes. Payment of the bond was due on May 11, 2015 with the 30-day grace period expiring on June 11, 2015.

RATING SENSITIVITIES

The company's ratings could be revised to 'D' from 'RD' pursuant to Fitch's rating definition. An upgrade is unlikely at this time.

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

Applicable Criteria

Corporate Rating Methodology - Including Short-Term Ratings and Parent and Subsidiary Linkage (pub. 28 May 2014)

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

Evaluating Corporate Governance (pub. 12 Dec 2012)

https://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=694649

Recovery Ratings and Notching Criteria for Non-Financial Corporate Issuers (pub. 18 Nov 2014)

https://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=813588

Additional Disclosures

Dodd-Frank Rating Information Disclosure Form

https://www.fitchratings.com/creditdesk/press_releases/content/ridf_frame.cfm?pr_id=986363

Solicitation Status

https://www.fitchratings.com/gws/en/disclosure/solicitation?pr_id=986363

Endorsement Policy

https://www.fitchratings.com/jsp/creditdesk/PolicyRegulation.faces?context=2&detail=31

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View source version on businesswire.com: http://www.businesswire.com/news/home/20150612005940/en/

Fitch Ratings
Primary Analyst
Phillip Wrenn, +1-312-368-2075
Associate Director
Fitch Ratings, Inc.
70 W Madison Street
Chicago, IL 60602
or
Secondary Analyst
Debora Jalles, +55-21-4503-2600
Director
or
Committee Chairperson
Ricardo Carvalho, +55-21-4503-2627
Senior Director
or
Media Relations:
Alyssa Castelli, New York, +1 212-908-0540
[email protected]

Source: Fitch Ratings

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