S&P ups HeidelbergCement outlook

Standard & Poor's said it raised its outlook on HeidelbergCement AG to stable from negative and confirmed its ratings including its corporate credit at BB+.

S&P said the outlook revision reflects expected stabilization of the group's performance due to a reduction in downward pressure from the German cement market.

Although HeidelbergCement's performance will likely continue to be further affected by weak volumes and prices in the German cement market in the near term, the lowest point seems to have been reached in 2003, S&P commented.

In particular, prices appear to be recovering after all major players in the industry announced price increases over the past few months, which will likely have a positive affect on HeidelbergCement's performance from 2004.

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