Mexico's Cemex rating still on negative watch after Rinker bid, says S&P |
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Published
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Wed, 11 Apr 2007 11:07
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MUMBAI (Thomson Financial) - Standard & Poor's Ratings Services said the long-term corporate credit rating of Mexican cement manufacturer Cemex SAB de CV and its key subsidiaries continue to remain on negative watch, following news that the company has sweetened its bid for Australia's Rinker Group Ltd by 22 pct to 15.85 usd per share.The rating agency has a 'BBB' rating for the cement manufacturer.S&P said the new transaction value has increased the likelihood of a negative rating action.'The listing reflects the uncertainty regarding Cemex's ability to maintain its financial performance given the potential for a sharp increase in debt leverage,' said S&P analyst Jose Coballasi.TFN.newsdesk@thomson.comran/man/akuCOPYRIGHTCopyright AFX News Limited 2007. All rights reserved.The copying, republication or redistribution of AFX News Content, including by framing or similar means, is expressly prohibited without the prior written consent of AFX News.AFX News and AFX Financial News Logo are registered trademarks of AFX News Limited
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Australia's Rinker says Mexico's Cemex extends offer to April 27 