S&P rates Cemex notes BB

S&P said it assigned a BB issue-level rating to Cemex SAB de CV's (global scale: BB/stable/--; national scale: mxA/stable/mxA-1) euro-denominated senior secured notes due 2024.

The recovery rating of 3 indicates that bondholders can expect a meaningful (50%-70%, in the higher band of the range) recovery in the event of a payment default.

Proceeds will be used to fund the redemption of all or a portion of its outstanding December 2019 dollar notes and/or January 2022 euro notes and the remainder, if any, for general corporate purposes.

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