Fitch upgrades Cemex

Fitch upgrades Cemex

Bonds Debt Capital Markets Corporate & Sovereign Strategy M&A Mexico

Fitch has upgraded Mexico's Cemex to BB from BB- with a stable outlook, rewarding the cement maker for lowering debt by $5bn from 2015 to 2018. Cemex cut debt by compiling $3.5bn in free cash flow, earning $1.7bn from asset sales and raising $523m from the IPO of its subsidiary in the Philippines, Fitch said. The rating agency also cited refinancing $7bn in debt, which cut Cemex's interest payments by about $200m per year, as a reason for the upgrade. "We remain fully committed towards the goal

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