CHIHUAHUA, Mexico, Dec. 09, 2024 (GLOBE NEWSWIRE) -- GCC, S.A.B. de C.V. (BMV: GCC* or "the Company"), a leading producer of cement and concrete in the United States and Mexico, announces that Fitch Ratings has upgraded the Company's local and foreign currency long-term Issuer Default Ratings (IDRs) and US$500 million senior notes due 2032 to 'BBB' from 'BBB-', both with a stable outlook.
The upgrade reflects GCC's strong operating performance, solid organic growth and financial position.
Fitch's report highlights five key drivers behind GCC's rating upgrade:
- Solid operating performance, supported by resilient demand and the Odessa plant expansion.
- Disciplined financial management, prioritizing a strong balance sheet and financial flexibility.
- Strategic expansion driven by targeted investments.
- Strong leadership positions in the United States and Mexico.
- Vertical integration and an efficient distribution network, mitigating competitive pressures and sustaining cost efficiency.
Fitch Ratings also highlights that GCC's rating reflects its solid business position in the cement, concrete and aggregates segments; diversified asset base; as well as a strong free cash flow generation through different economic cycles.
This document is submitted in compliance with Article 50 of the Mexican Issuers' Regulation (Circular Única de Emisoras).
About GCC
GCC is a leading supplier and producer of cement, concrete, aggregates, and construction‐related services in the United States and Mexico, with an annual cement production capacity of 6 million metric tons. Founded in 1941, the Company's shares are listed on the Mexican Stock Exchange under the ticker symbol GCC*.
Forward-Looking Statements
This press release may contain forward-looking statements. All statements that are not clearly historical in nature are forward-looking, and the words "anticipate," "believe," "expect," "estimate," "intend," "project" and similar expressions are generally intended to identify forward-looking statements. These statements are subject to risks and uncertainties including, among others, changes in macroeconomic, political, legal, public health crises including COVID-19, governmental or business conditions in the markets where GCC operates; changes in interest rates, inflation rates and currency exchange rates; performance of the construction industry; and pricing, business strategy and other factors. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may differ materially from the beliefs, projections, and estimates described herein. GCC assumes no obligation to update the information contained in this press release.
For further information, contact:
GCC Investor Relations
Sahory Ogushi
+52 (614) 442 3176
+ 1 (303) 739 5943
soguship@gcc.com
