Standard&Poor's confirmed on Feb. 22, 2002, that its ratings on Heidelberger Zement AG remain on CreditWatch with negative implications following the release of the group's (2001 full-year sales. The ratings on the Germany-based cement producer were placed on CreditWatch on Nov. 23, 2001, after the group's announcement of results for the first nine months of 2001. The negative CreditWatch implications reflect Standard&Poor's expectations that a strengthening of Heidelberger's financial profile, initially forecast for 2002, will likely be delayed. Sales figures reported for the full year confirmed that most of the group's mature markets, which accounted for about 85% of sales before trading and inter-regional eliminations, either entered the downside of the cycle or peaked in 2001.
