S&P affirms HeidelbergCement

Standard & Poor's said it affirmed the B- long-term and B short-term corporate credit ratings on HeidelbergCement AG and removed them from CreditWatch with negative implications, where they had been placed on Oct. 24, 2008.

The CCC+ ratings on senior unsecured bonds issued by HeidelbergCement and its subsidiaries HeidelbergCement Finance BV, Hanson Ltd. and Hanson Australia Funding Ltd. remain on CreditWatch but the implications have been changed to developing from negative.

The outlook is negative.

"Our rating actions follow HeidelbergCement's recent announcement that it has completed the refinancing of €8.7 billion of bank debt through a new set of facilities that mature in December 2011," S&P analyst Xavier Buffon said in a statement.

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