Fitch Affirms Cemex's IDR at 'B'; Outlook Stable

CHICAGO--(Business Wire)--
Fitch Ratings has affirmed the following ratings of Cemex, S.A.B. de C.V.
(Cemex) and related entities:

Cemex

--Foreign currency Issuer Default Rating (IDR) at 'B';

--Local currency IDR at 'B';

--Long-term national scale rating at 'BB-(mex)';

--MXN5 billion Certificados Bursatiles program at 'BB- (mex)';

--MXN30 billion Programa Dual Revolvente de Certificados Bursatiles program at
'BB-(mex)';

--Senior unsecured debt obligations at 'B+/RR3';

--Unsecured debt issued through the Certificados Bursatiles program at
'BB-(mex)';

--Short-term national scale rating at 'B (mex)';

--MXN2.5 billion short-term portion of Programa Dual Revolvente de Certificados
Bursatiles program at 'B (mex)'.

Cemex Espana S.A. (Cemex Espana)

--IDR at 'B';

--Senior unsecured debt obligations at 'B+/RR3'.

Rinker Materials Corporation

--USD150 million senior unsecured notes due 2025 at 'B+/RR3'.

Fitch has removed all ratings of Cemex and its subsidiaries from Rating Watch
Evolving and has assigned a Stable Rating Outlook.

The rating affirmations and Outlook revision reflect the successful refinancing
of approximately USD15 billion of bank and private placement debt. Positively,
the structure of Cemex's new amortization schedule minimizes the risk of a
near-term default by Cemex and should allow the company to further pursue its
plan to strengthen its balance sheet and de-leverage the company over the next
few years by using free cash flow, an equity issuance as well as selling
additional asset to pay down debt.

The ratings remain at the 'B' level due to the very high leverage that remains
at Cemex. For the last 12 months (LTM) ended June 30, 2009, the company
generated USD3.8 billion of EBITDAR. This figure compares with approximately
USD23.5 billion of lease adjusted debt, giving the company an adjusted leverage
ratio of 6.1 times (X). Weakness in three of the company's key markets - the
U.S., Spain and U.K - will continue to hurt the company's results during 2009,
leading Fitch to project an EBITDAR of USD3.4 billion for the year.

Cemex continues to pursue the sale of non-strategic assets. On June 15, 2009,
the company reached an agreement to sell its Australian assets to Holcim for
AUD2.02 billion (USD1.7 billion). The company is expected to receive the cash
for this transaction before the end of 2009. This transaction will be only
mildly deleveraging for Cemex as these operations generated AUD313 million
(USD263 million) of EBITDA during 2008. The terms of Cemex's agreement with
creditors should result in an equity issuance by the company within the next 12
months, with proceeds being used to repay bank debt. A combination of lower debt
levels and a stabilization of the company's key markets could lead to an
eventual ratings upgrade.

Fitch's rating definitions and the terms of use of such ratings are available on
the agency's public site, 'www.fitchratings.com'. Published ratings, criteria
and methodologies are available from this site, at all times. Fitch's code of
conduct, confidentiality, conflicts of interest, affiliate firewall, compliance
and other relevant policies and procedures are also available from the 'Code of
Conduct' section of this site.

Fitch Ratings
Joe Bormann, CFA, +1-312-368-3349 (Chicago)
Roberto Guerra Guajardo, +52-81-8399-9100 (Monterrey)
Cindy Stoller, +1-212-908-0526 (Media Relations, New York)
cindy.stoller@fitchratings.com

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