Extensive geographic diversification Strong market positions in consolidated markets Cost-efficient operations Consistently strong cash flow generation Cyclicality, seasonality, and high capital and energy intensity Moderate financial policy Lack of full control over Indian subsidiaries' cash flows The ratings on Switzerland-based building materials group Holcim Ltd. and related entities U.S.-based Holcim (U.S.) Inc. (BBB/Stable/--) and Canada-based St. Lawrence Cement Inc. (Holcim (Canada) Inc.; BBB/Stable/--) continue to reflect the group's strong business profile--which Standard&Poor's Ratings Services believes will underpin consistently robust cash generation in the future--and an intermediate financial profile. We view Holcim's strengths as stemming from its very large scale; strong positions worldwide and high vertical integration in cement, concrete, and aggregates; and considerable geographic diversity. In addition, several
