We expect Holcim Ltd. to complete the spin-off of its North American business by the end of the first half of 2025, resulting in Amrize Ltd. as an independent, publicly listed company with annual revenues of $11.5 billion-$12 billion. We assigned our ?BBB+? long term issuer credit rating and ?A-2? short-term rating to Amrize, reflecting large scale and leadership position within the North American cement industry and adjusted net leverage of at or below 2x. We also assigned our ?BBB+? rating to Amrize?s subsidiaries because we view them as core to the group (see the Ratings List below for details). At the same time, we affirmed our ?BBB+? rating on Holcim (US) Inc. We expect Amrize?s capital structure post spin
