CEMEX - RATING REPORT
Credit metrics continued improving through 2017 thanks to asset sales cashed-in and sound free cash flow, which has been further supported by better working capital and gradually reducing interest expenses. Net ad-justed leverage remained high at 4.5x at YE17, but it decreased from 4.9x at YE16 and 5.8x at YE15. The delev-eraging pace slowed down last year as a result of weaker EBITDA (-7% yoy), which primarily reflected rising energy costs and challenging market conditions in three important markets for Cemex: Columbia, Egypt and the Philippines.
Cemex is a holding company of entities whose main activities are oriented to the construction industry, through the production, marketing, distribution and sale of cement, ready-mix concrete, aggregates, clinker and other related construction materials to customers in over 50 countries throughout the world. Co.'s products are used in home construction, improvement and renovation to agricultural, industrial and marine/hydraulic applications.
Spread Research is France's first Rating Agency, registered by ESMA (European Securities and Markets Authority) and a leading European Independent Credit Research firm, founded in 2004 and based in Lyon, France. Our experienced team offer key research services using a wide range of investment strategies and research methodologies for the High Yield, Emerging Markets, Convertibles and Loan Markets.
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