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S&P rates Cemex notes B
Standard & Poor's said that it assigned a B senior secured debt rating and 3 recovery rating to the up to $650 million of long-term notes due 2019 proposed by Cemex SAB de CV. The recovery rating of 3 indicates meaningful (50% to 70%) recovery in the event of a payment default.
S&P affirmed the B global-scale and mxBB+ national-scale long-term corporate credit and senior debt ratings on Cemex.
The outlook is stable.
The ratings on Cemex reflect the group's highly leveraged financial risk profile, the agency said.
The ratings consider the view that the group's financial risk profile is constrained by high debt and its less-than-adequate liquidity position, the agency added.
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