PARIS (Standard&Poor's) Nov. 23, 2001--In response to the disappointing results for the first nine months of 2001 reported by German cement producer Heidelberger Zement AG (Heidelberger) and expectations that a strengthening of the group's financial profile, initially forecast for 2002, will likely be delayed, Standard&Poor's today placed its triple-'B'-plus long-term and 'A-2' short-term ratings on Heidelberger and Heidelberger Zement Finance B.V. and its 'K-1' short-term Nordic scale rating on Heidelberger Zement Financial Services A.B. on CreditWatch with negative implications. (See list below for rating details.) The results were severely hit by the further deterioration of the German building materials market and weakening demand in other European markets. While consolidated sales declined modestly to €5.09 billion (0.3%)
