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At the end of October, the Loma Negra IPO raised US$1.09bn from the sale operation of shares.
According to Standard & Poor's, the proceeds from the offer should contribute to InterCement's debt reduction.
"However, the lower volume and the high idle capacity of Brazilian operations put pressure on the generation of the company's cash flow, and the consolidated outflow of the group – despite the improvement – should remain around 5.0x until the end of 2017," said the rating agency.
The cement producer is controlled by construction firm Camargo Corrêa, one of dozens of construction companies involved in the massive Lava Jato anti-corruption probe.