Mexico-based building materials company, Elementia, completed the acquisition of Giant Cement Holding earlier this month. Elementia funded the transaction via a capital increase, but the acquired company will add about $305 million in debt to Elementia's balance sheet. As a result, we expect pro forma adjusted net leverage to rise close to 3.9x by the end of 2016 and remain above 3.0x throughout 2017, which is higher than 2.9x for the last 12 months ended September 2016. We're lowering our global scale corporate credit and issue-level ratings on Elementia to 'BB' from 'BB+' and removing them from CreditWatch with negative implications. The stable outlook reflects our view that Elementia will focus on integrating Giant in the next 12-18 months, which
