Fitch affirms HeidelbergCement

Fitch Ratings said it affirmed HeidelbergCement AG's long-term issuer default rating at BB+ with a stable outlook, its short-term issuer default rating at B and the senior debt issued by HeidelbergCement Finance BV, Hanson Ltd. and Hanson Australia Funding Ltd. at BB+.

Fitch said the affirmations reflect HeidelbergCement's careful financial policy and the agency's expectation that credit metrics will remain stable or improve slightly in 2012, even in the current uncertain scenario for the cement markets.

In the agency's view, the group's liquidity is adequate, supported by €1 billion of unrestricted cash and by a €3 billion revolving credit facility due 2015, of which €2.7 billion was undrawn as of March.

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