On May 23, 2003, Standard&Poors Ratings Services lowered its long-term and short-term corporate credit ratings on HeidelbergCement AG to 'BB+' and 'B', from 'BBB-' and 'A-3', respectively, and removed the ratings from CreditWatch, where they had been placed on April 2, 2003. The outlook is negative. At the same time, the rating on HeidelbergCement's long-term senior unsecured debt was lowered to 'BB+' from 'BBB-', and remains on CreditWatch with negative implications. The watch placement will be resolved once HeidelbergCement has completed upcoming refinancing. In addition, Standard&Poor's lowered its Nordic commercial paper rating on HeidelbergCement's guaranteed subsidiary HeidelbergCement Financial Services A.B. to 'K-4' from 'K-3', and removed the rating from CreditWatch, where it had been placed on
