Mexican building materials company CEMEX was upgraded to BB+ from BB by S&P. This comes on the back of CEMEX’s commitment to reduce leverage and expectations of its debt-to-EBITDA gradually falling towards 3x. S&P notes that under the company’s “operation resilience” initiative, it was able to protect operating capabilities and profitability. Besides the company is also increasingly focusing on decarbonization goals as part of the sustainability plan, further helping its company profile.
CEMEX’s dollar bonds were trading stable with its 5.125% Perp at 89.88, yielding 8.54%.