Cemex’s Corporate credit rating in its global scale has been upgraded by S&P Global Ratings to BB from BB-.
According to S&P, this reflects the continuous improvement of Cemex’s financial performance and leverage metrics during 2017, fueled by a faster-than-expected completion of the asset divestment plan, the early conversion of part of the optional convertible Notes due March 2018, and generally favourable business conditions in its main markets. S&P also highlights the benefits arising from the new 2017 credit agreement.
“We are pleased with S&P’s recognition of our sustained track record of deleveraging and improvement of our capital structure. This is their second upgrade in 8 months which confirms our continued progress,” said Jose Antonio Gonzalez, Cemex’s Chief Financial Officer. “We remain fully committed towards the goal of achieving an investment grade capital structure.”
Additionally to the upgrade in its global scale, S&P also upgraded Cemex's Corporate credit rating in its national scale to mxA from mxA-. The rating outlook is stable.
Read the article online at: https://www.worldcement.com/the-americas/26092017/cemex-upgraded-by-sp-global-ratings/