MONTERREY, Mexico--(BUSINESS WIRE)--
CEMEX, S.A.B. de C.V. (“CEMEX”) (NYSE:CX) announced today that on September 20th, S&P Global Ratings ("S&P") 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 fueled 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 favorable 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 8 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.”
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.
CEMEX is a global building materials company that provides high-quality products and reliable services to customers and communities in more than 50 countries. CEMEX has a rich history of improving the well-being of those it serves through innovative building solutions, efficiency advancements, and efforts to promote a sustainable future. For more information, please visit: www.cemex.com
A security rating is not a recommendation to buy, sell or hold securities and may be subject to revision or withdrawal at any time, and each rating should be evaluated independently of any other rating. This press release contains forward-looking statements and information that are necessarily subject to risks, uncertainties, and assumptions. Many factors could cause the actual results, performance, or achievements of CEMEX described to be materially different from those expressed or implied in this release. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those described herein. CEMEX assumes no obligation to update or correct the information contained in this press release.
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