MUMBAI (Thomson Financial) - Standard & Poor's Ratings Services said it
affirmed HeidelbergCement AG's 'BBB-' senior unsecured debt and 'A-3' short-term
debt ratings.
S&P said the affirmation reflects its view that the German cement maker has
enough positives mitigating structural subordination, to eliminate a distinction
between its senior unsecured rating and its short term debt rating.
HeidelbergCement has upstream guarantees with an expiry date at the
repayment of the dollar-denominated bonds of its subsidiary Hanson Ltd, formerly
Hanson PLC.
Hanson provides upstream guarantees to all of HeidelbergCement's financial
liabilities, S&P noted.
TFN.newsdesk@thomson.com
ssa
COPYRIGHT
Copyright AFX News Limited 2007. All rights reserved.
The copying, republication or redistribution of AFX News Content, including by
framing or similar means, is expressly prohibited without the prior written
consent of AFX News.
|