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Moody's: HeidelbergCement stable
Moody's Investors Service said it has changed the outlook to stable from negative for all ratings of HeidelbergCement AG and has affirmed all ratings (senior implied rating at Ba1).
The outlook change is based on Moody's view that (i) operating performance should moderately improve over the course of 2004 relative to 2003 due to expected price improvements in Germany and neighboring countries, the first time consolidation of Indocement which is characterized by better-than-average group margin, and the tangible benefits of cost cutting measures; (ii) the company's improved liquidity profile following the completion of the 2003 refinancing program and generation of free cash flows; and (iii) expected free cash flows bolstered by anticipated disposal proceeds should be sufficient to further reduce debt and lift debt protection metrics above year-end 2003 levels.
Ratings affected by this change in outlook to stable include Heidelbergcement AG's Ba1 senior implied rating, Ba1 rating for senior unsecured debt guaranteed by key operating subsidiaries, and Ba3 rating for the senior unsecured unguaranteed issuer rating and senior unsecured MTNs; Heidelbergcement Finance BV's Ba1 for senior notes guaranteed by HeidelbergCement and key operating subsidiaries, Ba3 for senior debt guaranteed by HeidelbergCement, only, and Ba3 for senior unsecured MTNs guaranteed by HeidelbergCement.
Other ratings affected include HeidelbergCement Financial Services AB's Ba1 for senior notes guaranteed by HeidelbergCement and key operating subsidiaries, Ba3 for senior debt guaranteed by Heidelbergcement only, and Ba3 for senior unsecured MTNs guaranteed by HeidelbergCement.
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