Cemex announced today that S&P Global Ratings (S&P) upgraded its corporate credit rating in its global scale to BB- from B+.

According to S&P, the upgrade reflects the company's sustainable deleveraging trajectory, improved profitability and its financial discipline to protect its liquidity.

"We are pleased to see our discipline and consistency in reducing our leverage reflected in an improvement in our credit rating," said Jose Antonio Gonzalez, Cemex’s chief financial officer. “This should further enhance our financial flexibility and reduce our cost of capital. We remain committed to achieving an investment grade capital structure."

Additionally to the upgrade in its global scale, S&P also upgraded Cemex's corporate credit rating in its national scale to mxA- from mxBBB, which will allow Cemex to potentially access the institutional Mexican bond market. The rating outlook is stable.