We believe that the focus of Germany-based heavy materials group HeidelbergCement AG on the consistent allocation of cash flow to deleveraging will improve the group's credit ratios over the next 12 months, but at a slower pace than we anticipated. In our view, the group will maintain prudent spending on acquisitions and shareholder remuneration, which we see as credit-supportive. We are revising our outlook on HeidelbergCement to stable from positive and affirming our 'BB' long-term and 'B' short-term corporate credit ratings on the group. The stable outlook reflects our view that HeidelbergCement's credit measures will improve and remain commensurate with the current ratings, including funds from operations to debt in the mid- to high teens. LONDON (Standard&Poor's) Nov.
