CEMEX Upgraded by Fitch Ratings
March 13, 2019
CEMEX, S.A.B. de C.V. (“CEMEX”) (NYSE: CX) announced today that Fitch Ratings ("Fitch") upgraded CEMEX´s Corporate credit rating in its global scale to BB from BB-.
According to Fitch, the upgrade reflects the strengthening of CEMEX's capital structure due to US$5 billion in debt reduction in the last three years, primarily due to robust free cash flow generation and asset sales. Other considerations for the upgrade are CEMEX’s strong business positions as well as the refinancing of about US$7 billion of debt, which has lowered interest payments by about US$200 million per year.
“We are pleased with Fitch´s recognition of our sustained and disciplined track record of deleveraging and improvement of our capital structure,” said Jose Antonio Gonzalez, CEMEX’s Chief Financial Officer. “We remain fully committed towards the goal of achieving an investment grade capital structure.”
In addition to the upgrade in its global scale, Fitch upgraded CEMEX's Corporate credit rating in its national scale to 'A+(mex)' from 'A(mex)'; CEMEX’s short-term national scale rating was affirmed at 'F1+ (mex)'. The Rating Outlook is Stable.
Fitch also upgraded CEMEX´s senior secured notes to 'BB' from ' BB-' including CEMEX´s recent €400 million senior secured notes due 2026.
CEMEX is a global building materials company that provides high-quality products and reliable services to customers and communities in more than 50 countries. CEMEX has a rich history of improving the well-being of those it serves through innovative building solutions, efficiency advancements, and efforts to promote a sustainable future. For more information, please visit: www.cemex.com
A security rating is not a recommendation to buy, sell or hold securities and may be subject to revision or withdrawal at any time, and each rating should be evaluated independently of any other rating. This press release contains forward-looking statements and information that are necessarily subject to risks, uncertainties, and assumptions. Many factors could cause the actual results, performance, or achievements of CEMEX described to be materially different from those expressed or implied in this release. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those described herein. CEMEX assumes no obligation to update or correct the information contained in this press release.