Standard & Poor’s upgrades Cemex to Investment Grade
Published by Evie Gardner,
Editorial Assistant
World Cement,
Rating agency Standard & Poor’s (S&P) announced that it has upgraded Cemex’s long-term global scale issuer credit rating to Investment Grade (BBB-) due to its strong financial and operating performance, deleveraging strategy, and flexible capital allocation.
“Achieving an investment-grade credit rating from S&P is a very important milestone for Cemex”, said Fernando A. González, CEO of Cemex. “While we had record results last year, this rating is recognition of successful execution against our medium-term strategy and consistent financial performance over several years.”
In 2023, Cemex’s EBITDA grew 25%, while Free Cash Flow after maintenance CAPEX more than doubled.
S&P also upgraded Cemex’s national scale issue-level rating (Mexico) scale to mxAA+ from mxAA.
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Read the article online at: https://www.worldcement.com/the-americas/18032024/standard-poors-upgrades-cemex-to-investment-grade/
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