Fitch ups HeidelbergCement

Fitch Ratings said it upgraded HeidelbergCement AG's long-term issuer default rating and senior unsecured ratings to BB+ from BB and affirmed the short-term issuer default rating at B.

The outlook is stable.

The upgrade reflects Fitch's view that the company will continue deleveraging and its credit metrics will gradually improve as well as the view that current market conditions will remain tough in mature markets such as the United States and Western Europe, the agency said.

The stable outlook reflects the agency's view that expected credit metrics over the next 24 months should provide sufficient headroom for any moderate under-performance, the agency added.

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