CEMEX, S.A.B. de C.V. (CX)
After hours:
- Business Wire
Standard & Poor’s Upgrades Cemex to Investment Grade
MONTERREY, Mexico, March 13, 2024--Rating agency Standard & Poor’s (S&P) announced today that it has upgraded Cemex’s long-term global scale issuer credit rating to Investment Grade (BBB-) due to its strong financial and operating performance, deleveraging strategy, and flexible capital allocation.
- Reuters
UPDATE 1-Mexico's Cemex recovers investment-grade rating from S&P
Debt issued by Mexican cementmaker Cemex was upgraded to "BBB-" by S&P Global Ratings on Wednesday, pushing the firm one notch into investment-grade territory after more than a decade of languishing in the agency's speculative grade, or junk, status. The credit ratings agency emphasized in a statement that Cemex's business strategy provides "headroom for the company to sustain the investment-grade rating through business cycles." S&P added that Cemex's priorities for this year and next should include boosting core earnings, or earnings before interest, taxes, depreciation, and amortization (EBITDA), through margin expansion and acquisitions.
- Reuters
Cemex to start new cement-making method to cut costs, emissions
Mexican cement maker Cemex will start using a new manufacturing method that will reduce its consumption of a key intermediary ingredient and cut carbon dioxide (CO2) emissions, the company said on Thursday. Scientists say the industry releases between 8% to 9% of global CO2 emissions per year, making it one of the biggest polluters. To address that, Cemex will begin a process of "micronizing," or finely grinding, its clinker, the heated mix of limestone and minerals that is an intermediary product in cement making, the company said.
