Fitch upgrades Cemex

Fitch Ratings has upgraded Cemex, SAB de CV's long-term foreign and local currency issuer default ratings to BBB- from BB+, senior unsecured notes to BBB- from BB+ and subordinated hybrid issuance to BB from BB-.

The agency also upgraded Cemex's national long-term rating to AA+(mex) from AA(mex), and affirmed the national short-term rating at F1+.

The outlook is stable.

“The upgrade reflects the strengthening of Cemex's credit profile as a result of a sustainable improvement in operating cash flow generation,” the agency said in a news release.

“The upgrades also reflect past years of effective debt reduction strategy and robust liquidity position, including undrawn committed credit facilities.”

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.