Moody’s has changed the outlook on Mexican cement company Cemex’s senior unsecured debt - around US$62m rated at Baa3 - from "stable" to "positive," Moody’s reported in a release. The change in outlook is a reflection of Moody’s greater confidence in the performance and business profile of Cemex after the progress achieved since the acquisition of the RMC group in March 2005, the release stated.
Moody’s also pointed to favorable trends in sales volumes and prices in the US, Mexico and Spain, as well as cost savings after the elimination of redundant operations and improved efficiency, which has counteracted higher energy prices and more negative trends in other markets, including the UK.
