In Moody's view it increases the likelihood that point in time credit metrics will at least be sustained in the future, especially considering management's commitment to refrain from large-scale acquisitions and its intention to finance larger bolt-on deals with asset disposals.Moody's cautions that the macroeconomic outlook is still fragile, challenged by the ongoing pandemic. Though, progress in vaccination, monetary and fiscal measures stimulating demand across HeidelbergCement AG's key market will likely continue to drive volume recovery in the coming 12-24 months. At the same time, cost inflation is also accelerating, requiring HeidelbergCement AG to continue pushing through price increases to compensate for higher costs.