Analysts Todd Vencil and Kevin Bennett at Sterne Agee wrote Wednesday the South and Central America and Caribbean region has been Cemex’s “second-best performing region in recent years,” in part as it represented 12% of 2011 sales in U.S. dollar terms.

Cemex separately said Tuesday that more than 90% of its creditors have signaled they will agree to the company’s proposal to delay debt payments of $7.2 billion that were due in 2014 by three years, to 2017. The creditors were involved in a financing deal reached in 2009.

A deadline for the debt exchange offer was extended to Sept. 7.

Following Cemex’s announcements, Credit Suisse raised its rating on the company to outperform from underperform. Cemex had earlier agreed to pay down $1 billion in debt in 2013. Credit Suisse analyst Vanessa Quiroga told clients although the $1 billion commitment “does not improve materially its total debt situation, we believe the … milestones bring a credible solution for Cemex’s liquidity situation.”

Depending on the timing and pricing of the listing in Colombia, “We think this continues to support the positive news flow momentum the company has been facing,” wrote UBS analyst Marimar Torreblanca, “and are comfortable maintaining our Buy rating.”

The rating on Cemex at Sterne Agee will remain neutral, as Cemex “remains highly levered and continues to face headwinds from several important markets,” the analysts said.

In the broader Mexican equity market, Mexico’s IPC (MX:IPC) fell 0.2% to 40,027.13, holding to losses after minutes from the most recent meeting of U.S. monetary policy makers showed they discussed enacting further monetary easing.

Investors in Mexican assets watch developments from the Federal Reserve and U.S. economic data as the U.S. is Mexico’s largest trading partner.

But Brazilian stocks turned higher following the Fed minutes, with the Ibovespa (BR:BVSP) finishing up 0.8% at 59,380.76.