Research Update: Buzzi And Dyckerhoff Outlooks Revised To Negative On Weak Credit Metrics And Market Outlook; 'BBB-/A-3' Ratings Affirmed

Standard & Poors, April 2011

Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress Credit Research lets users determine the credit rating of holdings and identify key factors underlying an issuer's creditworthiness, distinguishes the different risk exposures for new and existing deals, and provides an understanding of how their analysts interpret key regulatory, political and environmental events and their economic impact.

Product Type: Research Update
Research updates complement media releases. They offer more depth and detail than summary analyses by incorporating all information published in the media release. They are more up to date than summaries in that they are published simultaneously with media releases.

Abstract
Profitability at Italy-based heavy materials manufacturer Buzzi Unicem SpA (Buzzi) has weakened significantly as a result of its exposure to weak markets, particularly Italy, where there remains considerable overcapacity and price pressure. Ongoing tough conditions in Buzzi's markets and the likelihood of continued pressure on prices in 2011 mean that a recovery in the group's credit metrics to levels commensurate with an investment-grade rating may be delayed. We are therefore revising the outlooks on Buzzi and its subsidiary Dyckerhoff AG to negative from stable, and affirming the 'BBB-/A-3' short-term corporate credit ratings. The negative outlook reflects our view that the group's credit metrics will remain below par for the ratings in 2011. On April 7, 2011, Standard & Poor's Ratings...

Companies mentioned in this report are: Buzzi Unicem SpA,Dyckerhoff AG,RC Lonestar INC.
Action: Affirmed
Action: Outlook: Negative

Buzzi Unicem SpA,Dyckerhoff AG,RC Lonestar INC.

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