Mexico-based building materials company, Elementia, continues to post solid operating and financial performances thanks to favorable market conditions in its three divisions and to its expanded cement division. The company has also recently improved its capital structure and liquidity, securing most of the resources to fund its upcoming capital expenditure (capex) plan. We're affirming our 'BB+' corporate credit and issue-level ratings on Elementia. The stable outlook reflects Elementia's favorable revenue growth prospects and our expectation that the company will maintain relatively stable profitability levels in the next two years. We also expect the company will continue to generate strong operating cash flow, although a shortfall in free operating cash flow (FOCF) is likely in 2016 due to significant expansion in
