Strong market positions in consolidated markets. Extensive geographic diversification. Cost-efficient operations. Ability to generate operational cash flow consistently over the business cycle. Cyclicality, seasonality, and high capital and energy intensity of the heavy building materials' industry. Moderate financial policy, including large capital expenditures. Partial ownership and limited access to cash flows of key Indian subsidiaries. The ratings on Switzerland-based building materials producer Holcim Ltd. and related entities U.S.-based Holcim (U.S.) Inc. (BBB/Stable/--) and Canada-based Holcim (Canada) Inc. (BBB/Stable/--) reflect Standard&Poor's Ratings Services' view of the group's "strong" business risk profile and "significant" financial risk profile. Our ratings are supported by Holcim's large-scale, strong market positions worldwide; high level of vertical integration; and considerable geographic diversity. We believe these
