S&P affirms Cemex

Standard & Poor's said it affirmed its BBB corporate credit rating on Cemex SAB de CV and its key operating subsidiaries Cemex Espaņa SA., Cemex Mexico SA de CV and Cemex Inc.

All Cemex ratings were removed from CreditWatch with negative implications, where they were placed on Oct. 27, 2006, the agency said.

At the same time, S&P said it affirmed its BBB/A-2 rating on Rinker Group Ltd. while the ratings on Rinker were removed from CreditWatch with negative implications, where they were placed on Oct. 29, 2006.

The affirmations follow a review of Cemex's prospects and its announcement that it has achieved majority ownership, 50.34% as of June 7, of Rinker Group, S&P said.

The agency said that the ratings on Cemex and its key operating subsidiaries reflect the company's leading position in the global cement, concrete, and ready-mix businesses, proven turnaround experience and operating efficiency.

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