On Jan. 27, 2003, Standard&Poor's Ratings Services lowered its long-term corporate credit rating on German cement producer HeidelbergCement AG to 'BBB-' from 'BBB', based on the company's limited financial flexibility given its significant debt refinancing needs and its slower-than-expected debt reduction. At the same time, the rating was removed from CreditWatch, where it had been placed with negative implications on Nov. 15, 2002. The outlook is negative. Standard&Poor's also lowered its Nordic commercial paper rating on HeidelbergCement's guaranteed subsidiary HeidelbergCement Financial Services A.B. to 'K-3' from 'K-2'. The 'A-3' short-term corporate credit rating on the company was affirmed. HeidelbergCement is the world's fourth-largest cement manufacturer, with net debt of €4.8 billion at end September 2002 and
