Saturday, October 1, 2022
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Fitch raises Cemex ratings

Cemex said that Fitch Ratings has upgraded its global and local currency Issuer Default Ratings (“IDR”) to ‘BB+’ from ‘BB’, and that of its notes to ‘BB+’ from ‘BB’, and that of its non-maturity subordinated notes to ‘BB-‘ from ‘B+’.

He added that the rating agency also confirmed the short-term national rating at ‘F1′/’F1(mex)’ and the rating outlook at ‘stable’.

Additionally, Fitch upgraded Cemex’s long-term national scale rating to ‘AA-(mex)’ from ‘A+(mex)’.

According to Fitch, the upgrade of the IDR rating on the global scale and local currency, its notes and its subordinate notes without a fixed maturity, reflects “Cemex’s continued stronger operating performance” which, together with asset sales, have supported effective debt reduction since the end of 2019.

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