CRH will likely scale back cash distributions to investors over the next three years, following an expected record $3.5 billion (€3.27 billion) spend this year on share buy-backs and dividends, according to one a leading credit ratings agencies.
While Fitch said that CRH’s high reliance on the “resilient” infrastructure and renovation end markets would “mitigate some pockets of weakness, mainly in the new-build residential and commercial end-markets, especially in Europe” as the wider global economy remained “soft” in the near term.
That would end the group’s association with the Irish Stock Exchange, which dates back to the 1936 flotation of Irish Cement. CRH was formed in 1970 through the merger of Irish Cement and Roadstone. CRH also hopes that by moving its main listing to the US it will benefit from the fact that Wall Street-listed companies typically trade at a premium to European-quoted companies, relative to earnings.Fitch, which has a BBB+ rating on CRH’s creditworthiness, seven levels below the firm’s top-notch AAA grade, expects the Irish corporate giant to spend about $5 billion on acquisitions between this year and 2026, mainly made up of “small bolt-on” deals.
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