We believe that German heavy building materials manufacturer HeidelbergCement AG's consistent allocation of cash flow to deleveraging will bring credit ratios in line with the 'BB' rating in the near future. In our view, HeidelbergCement will maintain prudent spending on acquisitions and shareholder remuneration. We are therefore raising our long-term corporate credit rating on HeidelbergCement to 'BB' from 'BB-'. The positive outlook reflects our view that the HeidelbergCement's credit measures could improve further to be commensurate with a higher rating. LONDON (Standard&Poor's) March 18, 2011--Standard&Poor's Ratings Services said today that it raised its long-term corporate credit rating on German heavy building materials manufacturer HeidelbergCement AG to 'BB' from 'BB-'. At the same time, the 'B' short-term
