English Keywords Find COMPANY SUSTAINABILITY DIGITAL INVESTOR RELATIONS MEDIA CAREER | BLOG Home Investor Relations Bonds + Rating Bonds and Rating Rating Ratings since 21 April 2021 Rating agency Long-term rating Outlook Short-term rating Moody’s Investors Service Baa2 stable P-2 S&P Global Ratings BBB stable A-2 On 21 April 2021, Moody’s Investors Service upgraded HeidelbergCement’s credit rating to Baa2/P-2 from Baa3/P-3. The outlook is stable. On 15 April 2021, S&P Global Ratings upgraded HeidelbergCement’s credit rating to BBB/A-2 from BBB-/A-3. The outlook is stable. On 12 November 2020, Moody’s Investors Service upgraded the outlook of the HeidelbergCement rating from stable to positive. On 12 October 2020, S&P Global Ratings upgraded the outlook of the HeidelbergCement rating from stable to positive. On 17 August 2020, Fitch Ratings withdrew the unsolicited HeidelbergCement rating. On 18 May 2020, Fitch Ratings lowered the outlook of the HeidelbergCement rating from stable to negative. On 9 April 2020, S&P Global Ratings lowered the outlook of the HeidelbergCement rating from positive to stable. On 1 April 2020, Moody’s Investors Service lowered the outlook of the HeidelbergCement rating from positive to stable. On 18 July 2019, S&P Global Ratings upgraded the outlook of the HeidelbergCement rating from stable to positive. On 21 June 2018, Moody’s Investors Service upgraded the outlook of the HeidelbergCement rating from stable to positive. In the 2017 financial year, the company‘s credit rating by the rating agencies Moody’s Investors Service, S&P Global Ratings and Fitch Ratings remained stable at Baa3 and BBB-, respectively. The outlook for our credit rating is assessed as stable. In the 2016 financial year, the company‘s credit rating by the rating agencies Moody’s Investors Service and Fitch Ratings improved from Ba1 and BB+, respectively, to Baa3 and BBB-, respectively. S&P Global Ratings also awarded a BBB- credit rating. The outlook for our credit rating is assessed as stable. The upgrade of the credit rating to investment grade was mainly due to the stronger corporate profile following the acquisition of the Italcementi Group and its rapid integration. ↑ Top Commercial Paper Programme Multi-Currency Commercial Paper Programme A Commercial Paper (CP) is a short-term note. The banks place the tranches of the programme to institutional and private investors. There is no obligation for the issuer to issue the tranches. The maturity of HeidelbergCement tranches is between 7 and 364 days. The interest cost for CPs is lower than for comparable day to day money or short term loans, because in contrary to the committed credit lines, the banks deal only on a best effort basis. Issuer HeidelbergCement AG Maximum volume €2,000,000,000 Implementation date April 15, 2019 Maturity Between 7 and 364 days Arranger Landesbank Baden-Württemberg Am Hauptbahnhof 2 70173 Stuttgart Germany Issue and Paying Agent Deutsche Bank Aktiengesellschaft Trust & Securities Services Commercial Paper Taunusanlage 12 60325 Frankfurt am Main Germany Clearing agency Clearstream Banking AG, Frankfurt am Main; Clearstream Banking S.A., Luxembourg; Euroclear Bank S.A./N.V., Brussels ↑ Top Debt Maturity Profile HeidelbergCement has a long-term financing structure and a well-balanced debt maturity profile (see the following graph). We refinanced the Eurobond of €750 million maturing in March 2020 by using available liquidity. In addition, we will refinance the bonds of €750 million and €300 million, respectively, that are due at the beginning of April and at the end of October as well as the financial liabilities maturing in 2020, by making use of free cash flow and issuing on the capital market, or using free credit lines, depending on the capital market situation. Debt maturity profile as at 31 December 20191) (€m) 1) Excluding reconciliation adjustments of liabilities of €-50.3 million (accrued trans­action costs, issue prices, fair value adjustments, and purchase price allocation) as well as derivative liabilities of €50.3 million. Excluding also puttable minorities with a total amount of €63.7 million, as well as financial lease liabilities. As at the end of 2019, we had liquidity reserves consisting of cash, securities portfolios, and committed bank credit facilities, amounting to €6.5 billion. With the €2 billion Euro Commercial Paper Programme and €10 billion EMTN Programme we also have framework programmes in the money and capital markets in place that allow us to issue the relevant securities within a short period of time. Our objective is to further improve our financial ratios in the coming years in order to achieve the preconditions for a solid credit rating by the rating agencies. A lasting solid investment grade rating (Baa2 and BBB, respectively) remains our objective as – given the capital-­intensive nature of our business – favourable refinancing opportunities in the banking, money, and capital markets create an important competitive advantage. ↑ Top Bonds and Rating Rating Commercial Paper Programme Debt Maturity Profile Euro Bonds HOME COMPANY SUSTAINABILITY INVESTOR RELATIONS MEDIA CAREER BLOG SOCIAL MEDIA LINKEDIN TWITTER INSTAGRAM YOUTUBE XING CONTACT & NEWSLETTER CONTACT US HOW TO GET TO OUR HEADQUARTERS NEWSLETTER SUSTAINABILITY NEWSLETTER NEWS RSS FEED © HEIDELBERGCEMENT AG IMPRINT LEGAL DISCLAIMER DATA PROTECTION COOKIES COMPLIANCE REPORTING SYSTEM SOCIAL PRIVACY STATEMENT