Senior Credit Analyst - Emerging Markets, EM Spreads

Leandro Gubler

EM Spreads is an independent credit research service specializing in Emerging Markets, primarily focusing on Latin American issuers.

Senior Credit Analyst - Emerging Markets

Cemex 2Q24: Solid Performance in Mexico Offsets Softness in the US

Cemex: The Promising Credit Story of a Regional Leader in the Cement Industry

EM Spreads

Credit

<ul>
<li>We downgraded Cemex to Market Perform and do not anticipate that the notes will outperform in the near term.</li>
<li>We continue to view Cemex as an attractive emerging market credit story supported by favorable market conditions, credit-positive strategic priorities, and a commitment to strengthening its credit profile.</li>
<li>We believe the risk/reward profile is skewed to the downside. This view is based on current spread levels, weak earnings results, and elevated near-term political and headline risks.</li>
</ul>


We downgraded Cemex to Market Perform and do not anticipate that the notes will outperform in the near term.
We continue to view Cemex as an attractive emerging market credit story supported by favorable market conditions, credit-positive strategic priorities, and a commitment to strengthening its credit profile.
We believe the risk/reward profile is skewed to the downside. This view is based on current spread levels, weak earnings results, and elevated near-term political and headline risks.


Cemex 3Q24: Long-Term Outlook Clouded by Near-Term Risks

Cemex SAB de CV

Cemex 3Q24: Long-Term Outlook Clouded by Near-Term Risks