On Jan. 22, 2009, Standard&Poor's Ratings Services lowered to 'BBB' from 'BBB+' its long-term corporate credit and debt ratings on Switzerland-based building materials group Holcim Ltd. and related entities U.S.-based Holcim (U.S.) Inc. and Canada-based St. Lawrence Cement Inc. At the same time, the 'A-2' short-term corporate credit rating on Holcim Ltd. was affirmed. The outlook is stable. The action reflects our belief that Holcim's fully adjusted credit measures have considerably weakened in 2008 and aren't likely to recover significantly before 2010-2011. We don't expect any improvement in Holcim's credit measures in 2009, on the contrary, they could be further eroded. This sharp deterioration stems from the combination of ongoing aggressive spending on expansion projects until this year
