PARIS (Standard&Poor's CreditWire) Jan. 14, 2000--Standard&Poor's today assigned its triple-'B'-plus long-term and 'A-2' short-term corporate credit ratings to the German cement producer Heidelberger Zement AG (Heidelberger). Standard&Poor's also assigned its triple-'B'-plus long-term rating to the group's euro (Eur) 2.2 billion syndicated bank loan. The outlook is stable. The ratings reflect Heidelberger's above-average business profile--resulting from its number-three position in the world cement industry--as well as a competitive cost structure, translating into a strong ability to generate solid and growing cash flow. These strengths are tempered, however, by the relatively mature, cyclical demand for cement in developed markets; the group's growing, but limited, presence in emerging markets; and a currently leveraged financial structure resulting from
