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PPC S&P assigns rating ahead of note issue

February 19 2013 at 08:00am
By Roy Cokayne

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Pretoria Portland Cement (PPC) had been assigned a zaA+ long-term credit rating by Standard & Poor’s (S&P) and it was in the process of establishing a domestic medium-term note programme to be used towards its funding requirements, the cement and lime producer said yesterday. The company said S&P had assessed PPC as having a “fair” business risk profile and an “intermediate” financial risk profile, adding that the national short-term rating of zaA-2 reflected S&P’s assessment of PPC’s liquidity as “adequate”. It said the finalised programme memorandum for the domestic medium-term notes was expected to be available on PPC’s website at the end of March. PPC’s stated strategy is to grow non-South African revenue from 21 percent currently to at least 40 percent of total revenue by 2016. In line with this strategy, it reported that its Zimbabwean subsidiary Portland Holdings planned to build a 1 million tons a year cement plant in Mashonaland to service the Harare and central Mozambique markets and construct a grinding facility in Mozambique’s northwestern Tete province. PPC last year acquired a 51 percent stake in Rwandan cement company Cimerwa for $69.4 million cash and a 27 percent shareholding in the Habesha Cement Share Company in Ethiopia for $12m cash. PPC shares closed 1.4 percent up at R33.35 yesterday. – Roy Cokayne


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