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.

“Achieving an investment-grade credit rating from S&P is a very important milestone for Cemex,” said Fernando A. González, CEO of Cemex. “While we had record results last year, this rating is recognition of successful execution against our medium-term strategy and consistent financial performance over several years.”

In 2023, Cemex’s EBITDA grew 25%, while Free Cash Flow after maintenance capex more than doubled. S&P also upgraded Cemex’s national scale issue-level rating (Mexico) scale to mxAA+ from mxAA.