Cemex could sell part of its business in northern Europe, the Mediterranean and Asia as it seeks to pay down debt, the company’s CEO told Reuters on Tuesday.

Fernando Gonzalez said the firm could also sell 5-10 per cent of its subsidiary Cemex Latam Holdings, and set aside half of its earnings from asset sales to lower its debt burden.

In addition to streamlining the asset portfolio and cutting debt and costs, the measures are aimed at stepping up efforts to recover its ratings in 2015. The Mexican cement major's credit rating was downgraded by Standard & Poor's and Fitch Ratings and now stands at B-plus, which is four notches below investment grade.

Net debt, including perpetual notes, declined by 6.7 per cent during the year to US$16,291m, with 71 per cent of the debt being at fixed rates.