On April 1, 2005, Standard&Poor's Ratings Services affirmed its 'BBB+' long-term and 'A-2' short-term ratings on Switzerland-based Holcim Ltd. and removed them from CreditWatch, where they were placed on Jan. 12, 2005. The outlook is stable. At the same time, Standard&Poor's affirmed its 'BBB+' long-term corporate credit rating on wholly owned U.S. subsidiary Holcim (US) Inc. The 'BBB+' long-term local currency corporate credit rating on wholly owned Mexico-based subsidiary Holcim Apasco S.A. de C.V. were also affirmed. Both ratings were removed from CreditWatch, where they were placed on Jan. 12, 2005. The 'BBB' long-term foreign currency corporate credit rating on the Mexican subsidiary remains unchanged, with a stable outlook. Standard&Poor's also assigned its 'BBB+'
