...Fitch Ratings maintains Elementia, S.A.B. de C.V.'s Issuer Default Rating of `BB+' on Rating Watch Negative (RWN), reflecting a potential loss of geographic and cash flow diversification resulting from the proposed spinoff of Elementia's metals and building systems segments (Elementia Materials). The RWN also reflects the company's high leverage relative to regional cement peers. Considerations to resolve the RWN include the ultimate debt allocation to the cement business and the guarantee structure between both entities. Fitch expects to resolve the RWN once the effects on Elementia's capital structure from the spin-off transaction can be determined....
