March 18, 2019 |
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
Mexican cement maker rises to a BB by refinancing debt, selling assets and increasing cash flow