...Fitch Ratings has affirmed Germany-based building materials group HeidelbergCement AG's (HC) Long-Term Issuer Default Rating (IDR) at `BBB-` and Short-Term IDR at `F3'. It has also affirmed the senior unsecured ratings of HC and HeidelbergCement Finance Luxembourg S.A. at 'BBB-'. The Outlook is Stable. The affirmation reflects HC's investment-grade business profile, improving operating performance and Fitch's expectation that HC will reduce leverage following the acquisition of Italcementi SpA (IC). We forecast funds from operations (FFO) adjusted net leverage to fall below 3.5x, our guidance for the ratings, by end-2019. This is based on the group's progress in extracting synergies, recovering construction activity in North America and Europe and disciplined working capital, and investment growth....
