CEMEX upgraded by S&P Global Ratings

Improvement in company’s corporate credit rating on both global and national scales

S&P Global Ratings have upgraded CEMEX’s corporate credit rating to BB– from B+ in their global scale. According to S&P, the upgrade reflects the global building materials company’s sustainable deleveraging trajectory, improved profitability and its financial discipline to protect its liquidity.

‘We are pleased to see our discipline and consistency in reducing our leverage reflected in an improvement in our credit rating,’ commented Jose Antonio Gonzalez, CEMEX’s chief financial officer. ‘This should further enhance our financial flexibility and reduce our cost of capital. We remain committed to achieving an investment grade capital structure.’

In addition to the upgrade in the global scale, S&P have also upgraded CEMEX’s corporate credit rating in their national scale to mxA– from mxBBB, which will allow CEMEX to potentially access the institutional Mexican bond market. The rating outlook is said to be stable.