S&P may lower Cemex

Standard & Poor's said it placed its BBB- local and foreign currency long-term corporate credit rating on Cemex SA de CV and its key operating subsidiaries, Cemex España SA, Cemex Mexico SA de CV, and Cemex Inc. on CreditWatch with negative implications.

In addition, S&P placed its BBB- senior unsecured debt rating on Cemex's notes due 2006 and 2009 and Cemex España's putable capital securities and Cemex Finance Europe BV's €2 billion senior unsecured medium-term note program on CreditWatch with negative implications. Cemex's national scale 'mxAA' corporate credit rating and 'mxAA' and 'mxA-1+' senior unsecured

ratings have also been placed on CreditWatch with negative implications.

"The CreditWatch placement follows the announcement of Cemex's intention to acquire RMC Group plc. through a 100% debt financed transaction valued at $5.8 billion," said S&P credit analyst Jose Coballasi. "The CreditWatch placement reflects the uncertainty regarding the final value of the proposed transaction, which could exceed the aforementioned value. Cemex's CreditWatch listing will be resolved upon the completion of the proposed transaction."

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