S&P: Cemex, units still on watch

Standard & Poor's said the 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. remains on CreditWatch negative.

The 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 MTN also remain on CreditWatch negative, as well as Cemex's national scale mxAA corporate credit rating and mxAA and mxA-1+ senior unsecured ratings.

The CreditWatch listing followed the announcement of Cemex's intention to acquire RMC Group plc through a 100% debt-financed transaction valued at $5.8 billion.

S&P said the CreditWatch placement reflects the uncertainty regarding the final value of the proposed transaction, which could exceed the aforementioned value.

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