...Rating Affirmed: The recent rating affirmation reflects Holcim's leading market position as one of the world's largest cement producers and our belief that its financial profile remains commensurate with its `BBB' rating. We expect a recovery in global end-markets, particularly in developed markets, and continued healthy, albeit slowing, growth in emerging markets to support internally generated cash flow. `BBB' Business Profile: Holcim's IDR reflects the company's strong market position in cement, aggregates and concrete, and its wide geographical diversification, with a balanced mix between developed and emerging markets. The planned merger between Holcim and Lafarge will create the world's largest building materials company. It will hold number-one market positions in cement, aggregates and ready-mix products, and will benefit from the individual companies' complementary asset bases in Latin America and Africa & Middle East. Solid Operating Results: Operating margins in 2014 remained...
