Fitch rates Cemex notes B+/RR3

Fitch Ratings said it assigned a rating of B+/RR3 to the proposed €300 million private placement of Cemex Finance LLC's senior secured notes due 2017 and unconditionally guaranteed by Cemex, SAB de CV and its subsidiaries Cemex Mexico, SA de CV, Cemex Espana, SA, Cemex Corp., Cemex Concretos, SA de CV, Empresas Toltec de Mexico, SA de CV and New Sunward Holding BV.

Cemex has a foreign-currency issuer default rating of B.

The outlook is stable.

Proceeds will be used to refinance existing debt and to fund working capital needs.

Ratings consider Cemex's strong global business position as an integrated cement player and its ability to continue to generate free cash flow during the sharp contraction in its key markets as well as the support it receives from its key banks, the agency said.

Ratings also reflect the high level of leverage and a challenging debt amortization schedule during 2011 and 2012, the agency noted.

The issuer's adjusted net debt-to-EBITDAR ratio is 6.2 times as of Sept. 30.

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