Moody's ups HeidelbergCement

Moody's Investors Service said it upgraded HeidelbergCement AG's corporate family rating to Ba1 from Ba2 and the senior unsecured long-term rating to Ba2 from Ba3.

The outlook is stable.

The upgrade was prompted by the group's relatively sound performance in Q1 and the expectation that HeidelbergCement will continue to perform well in 2011, leading to further deleveraging and improved credit metrics, the agency said.

The ratings consider the company is mainly exposed to markets or regions that are expected to experience positive volume momentum in 2011 including Germany, Russia, Poland, the Nordics, Indonesia, Australia and Canada, the agency added.

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