PARIS (Standard&Poor's) Nov. 21, 2008--Standard&Poor's Ratings Services said today that it lowered its long-term corporate credit rating on Germany-based cement producer HeidelbergCement AG (HC) to 'BB-' from 'BB+'. At the same time, we affirmed the 'B' short-term rating. We also lowered the issue ratings to 'B+' from 'BB+' on senior unsecured bonds issued by HC, and subsidiaries HeidelbergCement Finance B.V., Hanson Ltd., and Hanson Australia Funding Ltd. We have assigned a recovery rating of '5' to these bonds, indicating our expectation for modest (10%-30%) recovery in the event of a payment default. All the ratings remain on CreditWatch with negative implications, where they had been initially placed on Oct. 24, 2008. "The rating actions reflect our
