CEMEX upgraded by S&P Global Ratings
Further progress towards investment grade capital structure as global scale corporate credit rating is upgraded to BB
S&P Global Ratings (S&P) have upgraded CEMEX’s corporate credit rating in their 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 company’s asset-divestment plan, the early conversion of part of the optional convertible notes due March 2018, and a generally favourable business conditions in the company’s main markets.
In addition, S&P highlighted 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 chief financial officer.
‘We remain fully committed towards the goal of achieving an investment grade capital structure.’
In addition to the upgrade in the company’s global scale, S&P also upgraded CEMEX’s corporate credit rating in its national scale to mxA from mxA– and said the company’s rating outlook was stable.
