On Jan. 9, 2009, Standard&Poor's Ratings Services lowered its long-term corporate credit rating on Germany-based cement producer HeidelbergCement AG (HC) to 'B+' from 'BB-'. At the same time, we affirmed the 'B' short-term rating. We also lowered the issue ratings to 'B' from 'B+' on senior unsecured bonds issued by HC, and subsidiaries HeidelbergCement Finance B.V., Hanson Ltd. , and Hanson Australia Funding Ltd. We have maintained the recovery rating of '5' on these bonds, indicating our expectation of modest (10%-30%) recovery in the event of a payment default. All the ratings remain on CreditWatch with negative implications, where they had been initially placed on Oct. 24, 2008. The action reflects our concerns that the financial restructuring we
