S&P rates Cemex notes B-

Standard & Poor's said it affirmed Cemex SAB de CV's B- global scale and mxBB/mxB national scale and long-term corporate credit ratings.

The agency also said it assigned a B- senior secured debt rating and a recovery rating of 3 to the proposed fixed-rate dollar-denominated and/or euro-denominated senior secured notes due 2019 to be issued by subsidiary Cemex Espana SA, Cemex Mexico SA de CV and New Sunward Holding BV.

The 3 recovery rating indicates 50% to 70% expected recovery in a default,

The outlooks remain negative.

The ratings are constrained by its highly leveraged financial risk profile, reflecting the company's high debt and less-than-adequate liquidity position, S&P said.

The ratings also reflect the relatively high concentration of its cash flow generation in a few key operating markets despite geographic diversification, the agency said.

These factors are partially mitigated by the company's satisfactory business risk profile based on the group's leading position in the global cement, concrete, aggregates and ready-mix businesses, S&P said.

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