31 May 2011
HeidelbergCement upgraded to ‘Ba1’ by Moody’s
Moody’s Investors Service raised HeidelbergCement’s Corporate Family rating to ‘Ba1’ from ‘Ba2‘ and the senior unsecured long term rating to ‘Ba2’ from ‘Ba3’. As rationale, Moody’s highlighted the company’s sound performance in Q1 and the agency’s expectation that HeidelbergCement will continue to perform well in 2011 leading to further deleveraging and improved credit metrics.
“We are very happy that the solid performance in Q1 has prompted another rating upgrade,” says Dr. Bernd Scheifele, CEO of HeidelbergCement. “Therewith, already two rating agencies see us only one notch away from our targeted investment grade rating.”
HeidelbergCement is the global market leader in aggregates and a prominent player in the fields of cement, concrete and other downstream activities, making it one of the world’s largest manufacturers of building materials. The company employs some 53,500 people at 2,500 locations in more than 40 countries.