Add to balance / Manage account | User: | Log out |
Prospect News home > News index > List of issuers C > Headlines for Cemex SA de CV > News item |
Fitch: Cemex off watch
Fitch Ratings said it removed the senior unsecured foreign currency and local currency ratings of Cemex SA de CV, as well as national scale rating from Rating Watch Negative.
The BBB senior unsecured foreign currency and local currency ratings and the AA+(mex) national scale rating have been affirmed. The outlook is stable.
On Sept. 27, 2004, the ratings were placed on Rating Watch Negative following the announcement that Cemex intended to purchase RMC Group plc for $5.8 billion financed with debt. The transaction has been approved by shareholders, by European Community regulatory agencies and by U.S. antitrust authorities and is estimated to become effective by early March.
The enlarged company will be the world's third largest cement producer based on capacity and second largest based on revenues, the fourth largest aggregates producer and the largest ready-mix producer.
The rating action reflects Fitch's assessment that Cemex will allocate free cash flow earned during 2005 to debt repayment and return to its targeted net debt-to-EBITDA ratio of 2.7x.
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.