S&P affirms Cemex

S&P said it affirmed its global scale ratings on Cemex SAB de CV and on its subsidiaries at BB.

The agency also affirmed the national scale ratings on Cemex and Cemex Mexico SA de CV at mxA/mxA-1.

The outlook remains stable.

At the same time, the agency affirmed the issue-level rating on Cemex's senior secured debt at BB and on its perpetual bonds at BB-.

S&P also affirmed the national scale issue-level ratings on the company's subordinated debt at mxBBB+.

The recovery rating on all of Cemex's rated senior secured debt remains at 3, which indicates that bondholders can expect a meaningful (50%-70%) recovery in the event of a payment default.

The recovery rating on all subordinated debt remains at 6, which indicates that bondholders can expect a negligible (0%-10%) recovery in the event of a payment default.

“Cemex's key credit metrics remain in line with our current assessment of the company's financial risk profile, despite increasing cost pressures and slow business conditions in certain markets have constrained its EBITDA growth,” the agency said in a news release.

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