On March 25, 2004, Standard&Poor's Ratings Services revised its outlook on Germany-based cement producer HeidelbergCement AG to stable from negative, reflecting an expected stabilization of the group's performance due to a reduction in downward pressure from the German cement market. At the same time, the 'BB+' long-term and 'B' short-term corporate credit ratings, and all the ratings on all outstanding debt of HeidelbergCement and its related entities were affirmed. Although HeidelbergCement's performance will likely continue to be further affected by weak volumes and prices in the German cement market in the near term, the lowest point seems to have been reached in 2003. In particular, prices appear to be recovering after all major players in the industry announced
