UPDATE 1-Mexico's Cemex recovers investment-grade rating from S&P

(Updates with additional detail from statement, context)

MEXICO CITY, March 13 (Reuters) - Debt issued by Mexican cementmaker Cemex was upgraded to "BBB-" by S&P Global Ratings on Wednesday, pushing the firm one notch into investment-grade territory after more than a decade of languishing in the agency's speculative grade, or junk, status.

The credit ratings agency emphasized in a statement that Cemex's business strategy provides "headroom for the company to sustain the investment-grade rating through business cycles."

The upgrade could help lower the global company's borrowing costs going forward.

Cemex has sold assets and trimmed its debt over the years in a bid to recover the coveted credit rating, with

executives saying in previous quarters

that an improved rating was expected early this year.

S&P added that Cemex's priorities for this year and next should include boosting core earnings, or earnings before interest, taxes, depreciation, and amortization (EBITDA), through margin expansion and acquisitions. (Reporting by Kylie Madry; Editing by David Alire Garcia)