HeidelbergCement upgraded to 'Baa3' with stable outlook - Moody's |
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Published
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Thu, 05 Apr 2007 16:12
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LONDON (AFX) - Moody's Investors Service has upgraded the issuer and senior unsecured ratings of HeidelbergCement AG and its guaranteed finance subsidiaries HeidelbergCement Finance BV and HeidelbergCement Financial Services AB to 'Baa3' from 'Ba1'.Moody's said the company's short-term rating is upgraded to 'Prime-3' from 'Not Prime', adding the outlook is stable for all ratings.Moody's has also withdrawn HeidelbergCement's loss-given-default (LGD) and corporate family ratings.The ratings acknowledges Heidelberg's debt reduction and improved cash flows leading to strongly improved credit metrics based on the full year results for 2006, Moody's said.Heidelberg's current business profile could warrant a higher rating than 'Baa3', but factors like its reliance on short-term and uncommitted bank facilities continue to weigh on the ratings, Moody's said.newsdesk@afxnews.compcm/jagCOPYRIGHTCopyright AFX News Limited 2007. All rights reserved.The copying, republication or redistribution of AFX News Content, including by framing or similar means, is expressly prohibited without the prior written consent of AFX News.AFX News and AFX Financial News Logo are registered trademarks of AFX News Limited
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