S&P downgrades Cemex

Standard & Poor's said it lowered the ratings on Cemex SAB de CV and its key operating subsidiaries, Cemex Espana SA, Cemex Mexico SA de CV and Cemex Inc.

The ratings that were lowered include the global scale corporate credit ratings to B- from B and national scale to mxBB from mxBB+.

S&P also lowered the group's fixed-to-floating callable perpetual debentures to CCC+ from B- and the national scale rating on its mandatory convertible notes to mxB+ from mxBB-.

The agency also removed the ratings from CreditWatch, where they were placed with negative implications in September.

The outlook is negative.

The ratings reflect an expectation that Cemex's financial performance will remain weak in the coming two years, S&P said.

Adverse global economic conditions have directly affected the infrastructure and housing sectors in several of the company's key markets, the agency said.

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