On May 15, 2009, Standard&Poor's Ratings Services said that it its 'B-/B' long- and short-term corporate credit ratings on Germany-based heavy building materials distributor HeidelbergCement AG remain unchanged and are still on CreditWatch with negative implications, where they had originally been placed on Oct. 24, 2008. The 'CCC+' senior unsecured debt ratings also remain unchanged. The recovery rating on the senior unsecured bonds issued by HeidelbergCement and its subsidiaries remains unchanged at '5', indicating our expectation of modest (10%-30%) recovery in the event of a payment default. Our decision follows HeidelbergCement's announcement yesterday that it had completed the refinancing of a €600 million loan, a first step in the company's debt restructuring process that we understand ultimately aims
