Our 'BBB' rating on Holcim is derived from: Our anchor of 'bbb', based on our "strong" business risk and "significant" financial risk profile assessments for the company. While our modifiers assessment is neutral to positive, the modifiers have no impact on the rating outcome, given the rating category of the anchor. Strong competitive positions in many markets, including India. Extensive geographic diversification. Cost-efficient operations. Ability to generate operating cash flow consistently over the business cycle. Cyclicality, seasonality, and high capital and energy intensity of the heavy building materials' industry. Superior access to global debt markets. Limited current financial headroom versus our expectations for the ratings. Moderate financial policy, including large capital expenditures. Partial ownership and limited access to cash flows
