Cemex has announced that Fitch Ratings has upgraded its corporate credit rating in its global scale to BB from BB-.
Fitch, a credit rating agency, says 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 include Cemex's strong business positions as well as the refinancing of about $7 billion of debt, which has lowered interest payments by about $200 million per year, Fitch adds.
Jose Antonio Gonzalez, Cemex’s chief financial officer, says: “We remain fully committed towards the goal of achieving an investment grade capital structure.”
Additionally, Fitch has 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.
