Cemex shares fall 8% as peso slumps

Cemex shares fall 8% as peso slumps

Shares in Mexican cement giant Cemex fell more than 8% on Wednesday, punished by a record low peso exchange rate which ratchets up its debt load.

Cemex is burdened with a heavy dollar-denominated debt load from its 2007 acquisition of Australian building products company Rinker, and has been focusing on reducing debt in a bid to regain an investment-grade rating by 2018.

The peso hit a record low on Wednesday, reaching 18.6 pesos to the dollar.

In November, Cemex Chief Executive Officer Fernando Gonzalez said the strong U.S. dollar could delay the day the company is able to win back an investment grade debt rating. Since then, the dollar has strengthened more against the peso. (Reporting by Gabriel Stargardter; Editing by David Gregorio)

Source
Reuters

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