...Guaranteed by Parent: The National Long-Term Rating of Holcim Capital (Thailand) Ltd.'s (HCT) debentures is based entirely on an irrevocable and unconditional guarantee provided by parent Holcim Ltd. (Holcim, BBB/Stable) in Switzerland. Holcim's Long-Term Foreign-Currency IDR is two notches below Thailand's Long-Term Local-Currency IDR, which correlates with `AA-(tha)' on the Thai National Rating scale. Parent's Financing Vehicle: HCT provides financial support to Holcim's affiliated companies in Thailand by investing in debentures issued by Thai Roc-Cem Ltd. Thai Roc-Cem Ltd., wholly owned by Holcim through subsidiaries - Holcim Participations (Thailand) Ltd. and Holderfin B.V. Netherlands, holds 27.5% of Thailand's second-largest cement producer Siam City Cement Public Company Limited (SCCC, A(tha)/Stable). Thai Roc-Cem Ltd. also owns 51% of HCT, while Holderfin B.V. has the remainder. Holcim's Diversified Presence: Holcim has a strong global market position in cement, aggregates and...
