Fitch drops Cemex

Fitch Ratings said it has downgraded Cemex, SAB de CV and related entities' ratings as follows: foreign currency issuer default rating to BB from BB+; local currency issuer default rating to BB from BB+; long-term national-scale rating to A+(mex) from AA-(mex); Ps. five billion certificados bursatiles program to A+ (mex) from AA- (mex); Ps. 30 billion programa dual revolvente de certificados bursatiles program to A+(mex) from AA-(mex); senior unsecured debt obligations to BB from BB+; and unsecured debt issued through the certificados bursatiles program to A+(mex) from AA-(mex).

Cemex Espana SA's affected ratings include the company's issuer default rating to BB from BB+ and senior unsecured debt obligations to BB from BB+.

In addition, Fitch said it has affirmed Cemex's ratings as follows: short-term national-scale rating at F1(mex) and Ps. 2.5 billion short-term portion of programa dual revolvente de certificados bursatiles program at F1(mex).

The outlook remains negative.

The rating downgrades reflect Fitch's expectation that Cemex's total adjusted net debt to EBITDAR ratio will remain above 5.0 times during 2009 and 4.0x during 2010.

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