On June 20, 2003, Standard&Poor's Ratings Services lowered its long-term senior unsecured debt rating on existing debt on Germany-based HeidelbergCement AG to 'BB-' from 'BB+' as a result of increased contractual subordination. The rating was also removed from CreditWatch, where it was placed on April 2, 2003. The 'BB+/B' corporate credit ratings on HeidelbergCement were affirmed. The outlook is negative. At the same time, Standard&Poor's assigned its 'BB+' debt rating to HeidelbergCement's proposed €1.4 billion syndicated bank loan facility. A 'BB+' rating was also assigned to wholly owned subsidiary HeidelbergCement Finance B.V.s proposed €600 million senior unsecured guaranteed bonds. The ratings are subject to final documentation. The new debt instruments, as opposed to existing rated debt,
