S&P rates Cemex notes B

Standard & Poor's said it assigned its B issue-level rating and a recovery rating of 3 to Cemex SAB de CV's up to $1 billion senior secured notes due 2019. The recovery rating of 3 indicates that bondholders can expect a meaningful (50% to 70%) recovery in the event of a payment default.

Cemex intends to use the net proceeds to purchase a portion of the 9½% senior secured notes due 2016 issued by Cemex Finance LLC, and the remainder for general corporate purposes, including the repayment of other debt, in accordance with its facilities agreement.

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