...Strong Business Position: CEMEX, S.A.B. de C.V.'s (CEMEX) `BB¡' Issuer Default Ratings continue to reflect its strong and diversified business position. The company is one of the largest producers of cement, ready-mix and aggregates in the world. Key markets include the U.S., Mexico, Colombia, Panama, Spain, Egypt, Germany, France, Poland and the U.K. The company's product and geographic diversification offset some of the volatility associated with the cyclical cement industry. Leverage Constrains Ratings: CEMEX's ratings remain constrained by the company's high leverage. CEMEX had USD15.6 billion of net debt as of June 30, 2015, compared with USD2.8 billion of EBITDA for the LTM ended June 30, 2015, and resulting in a net debt/EBITDA ratio of 5.4x. Net leverage improved from 6.3x during 2013 due to around USD1.6 billion of debt reduction and an EBITDA increase to USD2.8 billion. Continued EBITDA growth in key markets and conversion of convertible notes would aid in further net leverage...
