...- Mexico-based cement producer, Fortaleza Materiales S.A.B. de C.V. (Fortaleza; formerly known as Elementia S.A.B. de C.V.), recently completed the spin-off of its metals and building systems divisions into a new company, Elementia Materiales S.A.B. de C.V. (Elemat). - Due to the currently high demand for cement and its derivatives, we estimate the company's cement revenue will grow close to 10% in 2021 and 5% in 2022, while cement EBITDA margins would remain at 27%-28%. Additionally, we expect low financing needs, allowing Fortaleza to maintain credit metrics in line with the current rating. - On Oct. 19, 2021, S&P Global Ratings affirmed its '##-' issuer credit rating on Fortaleza. - The stable outlook reflects our view that Fortaleza will maintain solid operating and financial performance at its cement operations. This should result in net debt to EBITDA and free operating cash flow (FOCF) to debt of 2.0x-3.0x and 10%-15%, respectively, for the next 12 months....