S&P Global Ratings has downgraded PPC’s credit rating due to the cement maker’s “weaker profit and debt-reduction prospects”.
“The downgrade follows weaker-than-expected profitability in PPC’s SA business coupled with ongoing macro-economic and currency regime uncertainty in Zimbabwe,” S&P said. PPC said earlier in March it is considering selling off non-core assets. It is also looking at options to repatriate funds stuck in Zimbabwe, which is suffering from a liquidity crisis. Its cash balance in that market had been reduced to $60m due to a debt payment at the end of February, it said.
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