18 March 2011
HeidelbergCement upgraded to ‘BB’ by Standard&Poor’s
Standard&Poor’s Rating Services raised HeidelbergCement’s long-term corporate credit rating and the issue ratings on the company’s senior unsecured bonds to ‘BB’ from ‘BB-‘. As rationale, Standard&Poor’s highlighted the consistent allocation of cash flow to deleveraging and the prudent spending on acquisitions and shareholder remuneration.
The positive outlook reflects the view that HeidelbergCement’s credit measures will continue to strengthen based on a combination of cost savings and stabilization in the company’s mature markets.
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.