S&P: Cemex, units off watch, affirmed

Standard & Poor's said it affirmed 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.

The BBB- senior unsecured debt rating on Cemex's notes due 2006 and 2009 and Cemex Finance Europe BV's €2 billion senior unsecured medium-term note program is also affirmed, as are Cemex's mxAA national scale corporate credit rating and the mxAA senior unsecured rating assigned to 13 issues in Mexico.

The mxA-1+ national scale rating assigned to Cemex's short-term program in Mexico is also affirmed. All ratings were removed from CreditWatch, where they were placed on Sept. 27 The outlook is now stable.

The ratings actions reflect S&P's expectation that the transaction value of Cemex's acquisition of RMC Group plc will close at about $5.8 billion once the final regulatory approvals are obtained.

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