Strong market positions in consolidated markets. Extensive geographic diversification. Cost-efficient operations. Healthy profitability and consistently strong cash flow generation. Cyclicality, seasonality, and high capital and energy intensity. Moderate financial policy, including sizable capital expenditures. Lack of full ownership of 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 Holcim (Canada) Inc. (BBB/Stable/--) reflect Standard&Poor's Ratings Services' view of the group's "strong" business risk profile--which we believe will underpin consistently robust cash generation in the future--and its "significant" financial risk profile. Supporting the ratings, in our opinion, are Holcim's large-scale, strong market positions worldwide; high level of vertical integration; and considerable geographic diversity. Constraining the
