On May 24, 2005, Standard&Poor's Ratings Services revised its outlook on Germany-based cement producer HeidelbergCement AG to positive from stable, reflecting improvements in the group's credit position to date and further expected improvements over the next 18 months. At the same time, the 'BB+' long-term and 'B' short-term corporate credit ratings, and the ratings on all outstanding debt of HeidelbergCement and its related entities were affirmed. The outlook revision reflects our expectation that, despite continued weak volumes in the German cement market, HeidelbergCement will further strengthen its credit protection measures, owing to improving pricing conditions and continued growth in Eastern Europe. In addition, the management's focus on implementing efficiency improvements and cost cutting is expected to further strengthen
