CEMEX Upgraded by Fitch Ratings
July 28 2015 - 4:30PM
Business Wire
CEMEX, S.A.B. de C.V. (“CEMEX”) (NYSE: CX) announced today that
it received an upgrade from Fitch Ratings to the Issuer Default
Ratings (IDRs) to BB- from B+.
According to Fitch Ratings, “the upgrade is supported by the
strengthening of CEMEX’s capital structure during the past two
years due to the conversion of about $820 million of convertible
bonds to equity plus the refinancing of around $8.6 billion of debt
that has lowered the company’s annual interest expense by
approximately $200 million per year. Also factored into the
improvement is the U.S. cement market, which has more than offset
weakness in other divisions.”
“We are pleased with the upgrade received from Fitch Ratings,
which is in line with our plan of returning to an investment grade
capital structure,” said Fernando A. Gonzalez, CEMEX Chief
Executive Officer. “We continue making progress in our operating
and financial strategies as demonstrated in our first half of 2015
results and the recently announced commitments for the refinancing
of our bank debt.”
Additionally to the upgrade of CEMEX’s IDRs, Fitch also upgraded
the national scale to A- (mex) from BBB (mex) and the short-term
national scale rating to F2 (mex) from F3 (mex), which will allow
CEMEX to potentially access the institutional Mexican bond market.
The rating outlook remains stable.
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.
A securities 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 or the project
herein 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.
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version on businesswire.com: http://www.businesswire.com/news/home/20150728006799/en/
CEMEX, S.A.B. de C.V.Media RelationsJorge
Pérez, +52(81) 8888-4334mr@cemex.comorInvestor
RelationsEduardo Rendón, +52(81)
8888-4256ir@cemex.comorAnalyst RelationsLucy
Rodriguez, +1(212) 317-6007ir@cemex.com
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