Fitch affirms Cemex; outlook up to positive

Fitch Ratings said it affirmed the issuer default rating's of Cemex, SAB de CV and its subsidiary, Cemex Espana SA, at B.

In conjunction with this rating action, Fitch said it has affirmed the company's long-term national-scale rating at BB-(mex) and its short-term national-scale rating at B(mex).

The outlooks have been revised to positive from stable.

According to Fitch, the change in the outlooks to positive is a result of an improvement in the company's credit profile due to multiple transactions initiated by Cemex since signing a financing agreement with creditors on Aug. 14, 2009.

Cemex's leverage relative to cash flow is projected to remain high through the end of 2011 despite the drop in net debt due to the extreme downturn in many of the company's key markets, the agency added.

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