Fitch Ratings upgrades Cemex to investment grade
Published by Evie Gardner,
Editorial Assistant
World Cement,
Cemex has announced that it has reached full investment grade status after being upgraded to BBB- by rating agency Fitch Ratings.
This follows S&P Global Ratings’ upgrade announced in March 2024.
“Achieving investment grade is a milestone for Cemex”, said Fernando A. González, CEO of Cemex. “This rating is confirmation of both our strategy and our execution against it. By optimising our cost of capital, it also serves as the foundation for increased financial flexibility going forward to address our capital allocation priorities of growth investments in key markets and shareholder return.”
Cemex’s strategic focus on its key markets was advanced further last week by the announcement of the agreement to divest its operations and assets in the Philippines. Cemex also recently announced the closing of a €750 million bank refinancing as part of its comprehensive financing plan designed to increase liquidity and flexibility.
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Read the article online at: https://www.worldcement.com/the-americas/01052024/fitch-ratings-upgrades-cemex-to-investment-grade/
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