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Bond Market News
CEMEX Upgraded to IG Status of BBB- By Fitch
May 2, 2024
CEMEX was upgraded by a notch, to IG status of BBB- from BB+ by Fitch. Its senior unsecured bonds and subordinated hybrid notes were also upgraded by a notch to BBB- and BB respectively. The upgrade comes on the back of strengthening of its credit metrics due to a sustainable improvement in operating cash flow generation. According to Fitch, the upgrade also reflects CEMEX’s debt reduction and improving liquidity position over the past years. Fitch expects that the company will continue to maintain a sound economic profile during various economic cycles with the flexibility of reducing cash outflows during economic downturn scenarios.
It’s dollar bonds traded stable with its 7.7% 2025s at 102 cents on the dollar, yielding 5.92%
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