On Jan. 20, 2005, Standard&Poor's Ratings Services kept its 'BBB+/A-2' corporate credit ratings on the world's second-largest cement producer, Switzerland-based Holcim Ltd., and related entities on CreditWatch with negative implications, following the group's announcement of an offer to acquire all the shares of U.K.-based aggregates-producer Aggregate Industries PLC in addition to a further acquisition bid in India. All ratings on the group remain on CreditWatch with negative implications except the long-term foreign currency corporate credit rating on the group's Mexican subsidiary, Holcim Apasco S.A. de C.V., which remains at 'BBB-' with a stable outlook. The ratings were originally placed on CreditWatch on Jan. 12, 2005, when the group first announced that it was considering making a debt-financed offer
