On Nov. 15, 2002, Standard&Poor's Rating Services placed its 'BBB' long-term corporate credit rating on Germany-based HeidelbergCement AG, the fourth-largest cement producer worldwide, on Credit Watch with negative implications. At the same time, the 'A-3' short-term corporate rating was affirmed, indicating that any related rating action would be limited to one notch. The action, which follows the release of the group's nine-month results, reflects Standard&Poor's belief that the expected strengthening of Heidelberg's credit measures by 2003 could fall short of initial expectations. While Standard&Poor's acknowledges that the group has made good progress in terms of reducing capital expenditures, collecting cash proceeds through asset disposals, and preparing the disposal of its HBE division, it is
