PARIS (Standard&Poor's) Sept. 30, 2008--Standard&Poor's Ratings Services said today that it revised its outlook on Germany-based cement producer HeidelbergCement AG (HC) to negative from stable. At the same time, the 'BBB-/A-3' long- and short-term corporate credit and all issue ratings were affirmed. "The outlook revision reflects fresh concerns about covenant headroom; heavy refinancing needs, which will need to be addressed by mid-2010; our reassessment of the group's future prospects in light of its half-year results published in August; and increasingly negative news from a number of key mature markets in Europe, including the U.K., which compound ongoing severe conditions in the U.S.," said Standard&Poor's credit analyst Xavier Buffon. We consequently believe that HC's performance
