Moody’s could lift Italcementi

Moody's Investors Service said it placed the Ba3 corporate family rating and the Ba3-PD probability of default rating of Italcementi SpA, as well as the provisional Ba3 rating for its medium-term note program, Ba3 senior unsecured ratings of subsidiary Italcementi Finance SA and Ba2 senior unsecured rating of subsidiary Ciments Francais SA on review for upgrade.

The review follows the proposed acquisition by HeidelbergCement AG. The NP/provisional NP short-term rating remains unaffected.

"The review was triggered by the announcement that HeidelbergCement will acquire the 45% interest in Italcementi owned by Italimobiliari, and will also make a tender offer to acquire the company's remaining public shares. The review for upgrade of Italcementi's ratings will consider the potential for the company's credit profile to be strengthened as part of the larger and less financially leveraged HeidelbergCement Group," Moody’s Falk Frey said in a news release.

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