Switzerland-based pharmaceuticals and diagnostics group Roche Holding AG continues to display strong operating performance. We believe the group's financial policy has become more conservative because it has no large M&A ambitions. We are raising our long-term corporate credit rating on Roche to 'AA' from 'AA-' and are affirming the 'A-1+' short-term rating. The stable outlook reflects our view that the group's future performance will enable speedy deleveraging, aided by a supportive financial policy. FRANKFURT (Standard&Poor's) Sept. 17, 2012--Standard&Poor's Ratings Services said today that it had raised its long-term corporate credit rating on Switzerland-based pharmaceuticals and diagnostics group Roche Holding AG (Roche) to 'AA' from 'AA-'. At the same time, the 'A-1+' short-term rating was affirmed. The
