S&P upgrades CEMEX investment grade

S&P upgrades CEMEX investment grade
15 May 2024

Rating agency Standard & Poor’s (S&P) has upgraded CEMEX’s long-term global scale issuer credit rating to Investment Grade (BBB-) due to its strong financial and operating performance, deleveraging strategy and flexible capital allocation.

“Achieving an investment-grade credit rating from S&P is a very important milestone for CEMEX,” said Fernando A González, CEO of CEMEX. “While we had record results last year, this rating is recognition of successful execution against our medium-term strategy and consistent financial performance over several years.”

In 2023 CEMEX’s EBITDA grew 25 per cent, while its free cash flow after maintenance capex more than doubled. S&P also upgraded CEMEX’s national scale issue-level rating (Mexico) scale to mxAA+ from mxAA.

Published under Cement News