On Aug. 4, 2006, Standard&Poor's Ratings Services raised its long-term corporate credit rating on Germany-based cement producer HeidelbergCement AG to 'BBB-' from 'BB+', reflecting further improvements in the group's financial profile in second-quarter 2006. At the same time, Standard&Poor's raised its short-term ratings and senior unsecured debt ratings on HeidelbergCement and related entities to 'A-3' from 'B' and to 'BBB-' from 'BB+'. The outlook is stable. The upgrade follows HeidelbergCement's continued strong performance in the second quarter of 2006, resulting from cost reduction measures that have been implemented, favorable market conditions in Europe, and growth in the African-Asian-Mediterranean Basin. Credit protection measures significantly improved in the first half of 2006 as indicated by the lease- and
