On June 10, 2008, Standard&Poor's Ratings Services revised its outlook on Germany-based cement producer HeidelbergCement AG (HC) to stable from negative, reflecting an expected improvement in credit protection measures over the next few months. At the same time, we affirmed the 'BBB-' long-term and 'A-3' short-term corporate credit ratings and all the ratings on all outstanding debt of HeidelbergCement and its related entities. Since its acquisition of U.K.-based building materials group Hanson PLC for about €14 billion, which was completed on Aug. 23, 2007, HC has significantly reduced its indebtedness. This was achieved with disposal proceeds from the sale of its share in Vicat (€1.4 billion) and Maxit (€2.1 billion), the proceeds from two equity increases of about
