On April 2, 2003, Standard&Poor's Ratings Services placed its 'BBB-' long-term and 'A-3' short-term corporate credit rating on Germany-based HeidelbergCement AG, the fourth-largest cement producer worldwide, on Credit Watch with negative implications. The placement follows the company's announcement of the acquisition of a further 49% stake in German cement producer Anneliese, bringing HeidelbergCement's stake up to 90%. The deal is still subject to official approval. Standard&Poor's is concerned that HeidelbergCement may now be unable to sufficiently improve its currently weak credit measures and maintain the current rating, contrary to Standard&Poor's earlier expectations. The amount of the acquisition, and/or a possibly more aggressive financial policy than had been previously factored into the ratings, could materially
