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CEMEX along with its senior unsecured bonds were upgraded by a notch from BB+ to BBB- by S&P, making it a rising star. The rating agency also upgraded CEMEX’s perpetual bonds to BB from B+. The upgrade follows the company’s strong operating performance and reduction in leverage over the past year. For instance, in 2023, CEMEX recorded an adjusted EBITDA of nearly $3.4bn, substantially higher than the $2.4bn posted in 2019, while its adjusted debt fell to about $9.6bn from $13.2bn in 2019. S&P expects that CEMEX will continue to further strengthen its credit metrics over the next two years due to positive trends in its key markets, ongoing pricing actions across regions, and its commitment to prudential financial policy.
CEMEX’s dollar bonds traded stable with its 5.45% 2029s at 98.6 cents on the dollar, yielding 5.74%.