FRANKFURT (Standard&Poor's) May 5, 2006--Standard&Poor's Ratings Services said today that it revised its outlook on Germany-based cement producer HeidelbergCement AG to positive from stable. "This reflects further improvements in the group's financial profile in 2005 and the first quarter of 2006, as well as reduced leverage at the Spohn Cement GmbH level," said Standard&Poor's credit analyst Eve Greb. At the same time, the 'BB+' long-term and 'B' short-term corporate credit ratings, and the ratings on all outstanding debt of HeidelbergCement and its related entities were affirmed. The ratings on HeidelbergCement reflect the group's moderate financial structure and the cement industry's cyclicality and heavy capital intensity. These factors are offset by the company's large size,
