...Since Elementia acquired Giant in November 2016, the Mexico-based building + materials company has smoothly integrated the U.S. operations and reported a consistent deleveraging. We now expect Elementia's adjusted debt to EBITDA to be close to 3.5x at the end of 2017. Recently, the company also improved its debt maturity profile and overall + liquidity through the refinancing of its credit facility that it used as a bridge loan to prepay Giant's debt last year. We're affirming our '##' long-term global scale corporate credit and issue-level + ratings on the company. The stable outlook reflects our expectation that Elementia's earnings will + continue to improve and its credit metrics will further strengthen, with adjusted debt to EBITDA at about 3.0x and EBITDA interest coverage ratio above 5.0x, in the next 12 months. We also expect the company to generate free operating cash flow (FOCF) in 2018 thanks to a normalization of its maintenance and expansionary capital expenditures (capex)....
