Moody’s assigns Investment Grade Rating to HeidelbergCement
Published by Joseph Green,
The rating agency Moody’s has assigned a Baa3 company rating to HeidelbergCement.
The classification in the Investment Grade is associated in particular with the strong business profile after the Italcementi acquisition and an improved creditworthyness. Moody’s is the second rating agency to assign an Investment Grade rating to HeidelbergCement after S&P Global Ratings.
“We welcome the positive rating decision by Moody’s,” said Dr. Bernd Scheifele, CEO of HeidelbergCement. “It is another proof of the strong operating performance and cash flow generation so far this year. We will leverage the improved rating to significantly enlarge our investor base and improve our financing conditions.”
Due to the Investment Grade rating assigned by Moody’s and S&P the bonds of HeidelbergCement fulfil the requirements of the bond purchasing program of the ECB.
In its rationale for the rating, Moody’s points out HeidelbergCement's robust business profile supported by its large scale, good geographical and product diversification. In addition, the recently closed acquisition of Italcementi reinforces HeidelbergCement’s business profile adding cement capacity in emerging markets and a well invested asset base.
Read the article online at: https://www.worldcement.com/europe-cis/14112016/moodys-assigns-investment-grade-rating-to-heidelbergcement/
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