Fitch cuts HeidelbergCement

Fitch Ratings said it has downgraded HeidelbergCement AG's long-term issuer default and senior unsecured ratings to B from BB-.

This follows Fitch's reassessment of its forecast assumptions for HeidelbergCement, in light of increasingly difficult trading conditions in the building materials industry, the agency said.

Simultaneously, the agency added that it has downgraded HeidelbergCement's subsidiary Hanson plc's senior unsecured rating to B from BB-.

All the ratings remain on rating watch negative.

Fitch said it has also placed HeidelbergCement's short-term issuer default rating of B on RWN.

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