Moody's ups HeidelbergCement notes to Ba1, rates loan Ba1

Moody's Investors Service said it assigned a Ba1 to HeidelbergCement AG's new €1 billion syndicated credit facility maturing latest 2009.

Simultaneously, Moody's upgraded to Ba1 from Ba3 the unsecured issuer rating of HeidelbergCement AG and the euro medium-term note program. The senior implied rating and the high-yield senior notes were affirmed at Ba1. The outlook is stable.

Moody's said the action was prompted by HeidelbergCement's successful refinancing of its existing syndicated credit facility thereby releasing the upstream guarantees from which the previous facility lenders had benefited.

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