...The affirmation of CEMEX, S.A.B. de C.V.'s ratings reflects the company's improving credit profile following a successful asset sale program, coupled with sustained positive FCF generation despite weaker than expected cash flow across markets such as Colombia, Philippines, Egypt and the U.S. during 2017. CEMEX's completed asset sale program reduced gross debt by USD4.1 billion over the last two years, or 29%. CEMEX will rely on continued positive FCF in order to further reduce its adjusted gross debt of USD11.9 billion as of Dec. 31, 2017. The Positive Outlook incorporates Fitch Ratings' expectations that CEMEX will be able to maintain robust positive FCF, led by steady EBITDA generation in Mexico despite competition from new supply coupled with a more challenging economic environment in 2018. Fitch also expects CEMEX will be able to grow its EBITDA in the U.S. These markets constitute approximately 66% of CEMEX's consolidated EBITDA and are key drivers of deleveraging. Materialization...
