Cemex 3Q25: Strong Results and Outlook Support Credit View
Profitability strengthened despite volume headwinds, and healthy cash generation reinforces credit quality, yet we see limited room for further spread compression
We maintain our Neutral recommendation on Cemex. While we continue to view Cemex as an attractive and resilient LatAm credit, we see limited room for further spread compression at current levels near the LTM tights.
