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Published on 3/10/2009 in the Prospect News Emerging Markets Daily.

S&P lowers Cemex

Standard & Poor's said that it lowered its ratings on Cemex SAB de CV and its key operating subsidiaries, Cemex Espaņa SA, Cemex Mexico SA de CV, and Cemex Inc., including lowering the long-term global-scale corporate credit ratings on Cemex and Cemex Mexico to B- from BB+.

The agency said that the ratings remain on Creditwatch, where they were placed with negative implications on Jan. 21.

According to S&P, it also lowered the long-term Mexican national-scale corporate credit ratings on the companies, to mxBB and mxB from mxAA- and mxA-1.

At the same time, the agency said it lowered its rating on Cemex's fixed-to-floating callable perpetual debentures to CCC from BB.

"The rating action followed the announcement yesterday that the issuer has indefinitely postponed its previously announced capital markets debt financing," said S&P credit analyst Juan Pablo Becerra.


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