...Elementia on CreditWatch negative since the announced spin-off, which could have material implications for credit metrics. On April 4, 2019, Elementia announced its reorganization, and subsequently, received approval from its shareholders. The plan mainly consists of splitting Elementia by transferring its metals and building system divisions to a new company. The cement division would remain under Elementia. In our view, the restructuring could have important implications for Elementia's credit profile, given the size of each division. We estimate that the metals and building systems divisions will account for roughly 60% of Elementia's consolidated revenue, while EBITDA from these divisions will represent almost 30% by the end of 2019. The metals and building systems divisions are lower-margin businesses. Following the spin-off, Elementia will stop controlling the metals and building systems' assets, operations, revenues, and EBITDA, while effects on the company's balance sheet remain...