Research Update: Cemex S.A.B. de C.V. Ratings Raised To 'B' From 'B-' And Removed From CreditWatch; Outlook Positive Jan 13

Standard & Poors, January 2013

Abstract
Mexico-based cement producer CEMEX's operating performance exceeded our expectations for 2012. CEMEX improved its capital structure through recent debt refinancing and increased its liquidity through asset sales. We are raising our global scale corporate credit ratings on CEMEX to 'B' from 'B-' and Mexican national scale ratings to 'mxBBB-/mxA-3' from 'mxBB/mxB', and removed them from CreditWatch with positive implications. The positive outlook reflects CEMEX's favorable revenue growth prospects and our expectation that the company will continue to improve its key financial metrics over the next 12 to 18 months. On Jan. 25, 2013, Standard & Poor's Ratings Services raised its global scale corporate credit ratings on CEMEX S.A.B. de C.V. and its key operating subsidiaries, CEMEX España S.A., CEMEX Mexico...

Companies mentioned in this report are:
- CEMEX S.A.B. de C.V.
- CEMEX Inc.
- CEMEX Materials LLC.
- CEMEX Mexico S.A. de C.V.
- CEMEX Espana S.A.
- CEMEX Finance Europe B.V.
- CEMEX Corp.
- C5 Capital Ltd.
- C10 Capital Ltd.
- C8 Capital Ltd.
- C10-EUR Capital (SPV) Limited
- CEMEX Finance LLC

Action: New Rating
Action: Outlook: Positive

Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress Credit Research lets users determine the credit rating of holdings and identify key factors underlying an issuer's creditworthiness, distinguishes the different risk exposures for new and existing deals, and provides an understanding of how their analysts interpret key regulatory, political and environmental events and their economic impact.

Product Type: Research Update
Research updates complement media releases. They offer more depth and detail than summary analyses by incorporating all information published in the media release. They are more up to date than summaries in that they are published simultaneously with media releases.

- CEMEX S.A.B. de C.V.
- CEMEX Inc.
- CEMEX Materials LLC.
- CEMEX Mexico S.A. de C.V.
- CEMEX Espana S.A.
- CEMEX Finance Europe B.V.
- CEMEX Corp.
- C5 Capital Ltd.
- C10 Capital Ltd.
- C8 Capital Ltd.
- C10-EUR Capital (SPV) Limited
- CEMEX Finance LLC

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