UPDATE 2-HeidelbergCement cuts debt on strong Q3 oper profit

* Q3 oper income 571 mln eur vs 481 mln poll avg

* Q3 sales, net income below analyst estimates

* Cuts net debt to 8.6 bln eur from 11.3 bln at end-June

* Still sees decline in 2009 oper income, sales

* Shares up 5.0 pct

(Adds shares, analyst comments, CEO comment)

FRANKFURT, Nov 4 (Reuters) - HeidelbergCement (HEIG.DE) managed to wiggle further out of the stranglehold of creditor banks after posting third-quarter operating profit which exceeded expectations and slashing its debt.

The world's fourth-largest cement maker said quarterly operating income slid 15 percent to 571 million euros ($841.9 million), but was well above the 481 million expected on average in a Reuters poll of analysts.

The company, which used to be controlled by Germany's Merckle family, in recent weeks cut its total net debt to 8.6 billion euros from 11.3 billion at the end of June using proceeds from its 2.3 billion euros capital increase in September, its Chief Executive Bernd Scheifele said on Wednesday.

HeidelbergCement said it still expected a decrease in revenue and operating profit for 2009 but added it saw a return to growth next year and in 2011.

"The first half of 2010 should remain difficult but positive aspects should prevail in the second half, mainly because of North America," Scheifele said.

The United States was the first to be hit by the crisis and should be the first to see a recovery, helped by government stimuli, he added.

The group posted a quarterly net profit of 149 million euros, below the average estimate of 170 million euros, on sales of 3.02 billion, less than the 3.17 billion seen by analysts.

"Altogether mixed figures, but relatively good operational performance, which is the most important aspect for us," said DZ Bank analyst Marc Nettelbeck. "Net profit was below estimates, but the deviation stems from one-offs, mainly restructuring charges."

The shares were up 5.0 percent to 42.5 euros at 1120 GMT, outperforming the European DJ Stoxx Construction and Materials Index's .SXOP gain of 2.4 percent.

HeidelbergCement, laden with debt from the $16 billion takeover of British rival Hanson in 2007, last month issued 2.5 billion euros in bonds, tapping the resurging junk-bond market to become less reliant on bank loans.

The bond sale and the proceeds from the capital increase helped it cut bank debt by more than 4 billion euros to 2.6 billion euros, the company said.

Jochen Schlachter, a credit analyst at UniCredit, said the third-quarter margin of operating income before depreciations of 25.5 percent of sales, up from 22.5 a year earlier, was particularly impressive.

"After the recent rating upgrades following the capital increase and bond issue I expect more positive signals from credit rating agencies next year," the analyst said.

The company's goal of regaining an investment-grade rating should, however, be another two to three years away, he added.

German industrial heir Ludwig Merckle in September cut his stake to 24.4 percent from more than 70 percent, boosting HeidelbergCement's free float and putting the company on track to ascend to Germany's benchmark DAX index .GDAXI next year. ($1=.6782 euros) (Reporting by Ludwig Burger, Editing by Michael Shields and Mike Nesbit)