German heavy building materials manufacturer HeidelbergCement has successfully raised new bonds for a combined minimum amount of €1.4 billion. The bonds further reduce the group's 2011 refinancing burden. We are raising the long-term corporate credit rating on HeidelbergCement to 'BB-' from 'B+'. The stable outlook reflects our view that the group's highly leveraged financial profile will not improve materially before 2011. On Jan. 13, 2010, Standard&Poor's Ratings Services raised its long-term corporate credit rating on German heavy building materials manufacturer HeidelbergCement AG to 'BB-' from 'B+'. At the same time, the 'B' short-term rating on HeidelbergCement was affirmed. The outlook is stable. In addition, we raised the issue ratings on the group's senior unsecured bonds to 'BB-' from
