S&P upgrades Cemex to BB

Cemex SAB de CV announced that S&P Global Ratings upgraded its corporate credit rating in its global scale to BB from BB-.

According to S&P, the upgrade reflects the continued improvement of Cemex's financial performance and leverage metrics during 2017, fuelled by a faster-than-expected completion of the asset divestment plan, the early conversion of part of the optional convertible notes due March 2018, and a generally favourable business conditions in its main markets. In addition, S&P highlights the benefits arising from the new 2017 credit agreement.

“We are pleased with S&P’s recognition of our sustained track record of deleveraging and improvement of our capital structure. This is their second upgrade in eight months which confirms our continued progress,” said Jose Antonio Gonzalez, Cemex’s CFO. “We remain fully committed towards the goal of achieving an investment grade capital structure.”

Additionally to the upgrade in its global scale, S&P also upgraded CEMEX's Corporate credit rating in its national scale to mxA from mxA-. The rating outlook is stable.