S&P upgrades Cemex outlook on strong operations, lower leverage

S&P Global Ratings has upgraded its outlook on Cemex S.A.B. de C.V. from stable to positive, maintaining its 'BBB-' issuer credit rating. The ratings agency also affirmed its 'BBB-' issue-level rating on the company's senior unsecured debt and 'BB' rating on its subordinated perpetual bonds. The positive outlook is based on Cemex's strong operations, lower leverage, and improved financial metrics.

Cemex reported a 27% increase in EBITDA to $1.8 billion in the first half of 2026, with free operating cash flow projected to reach $1.4 billion in 2026. The company has also raised its ordinary dividend payments to $180 million for 2026 and activated a share buyback program for up to $500 million over the next three years. The upgrade reflects the potential for an upgrade over the next 12-24 months if Cemex maintains adjusted debt to EBITDA below 3x and funds from operations to debt above 30% through industry cycles.

Brief written by urgent.news from Investing.com's own syndicated text. Machine-written — may contain errors; check the original before relying on it.