On Dec. 22, 2008, Standard&Poor's Ratings Services revised its outlooks 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. to negative from stable. At the same time, the 'BBB+' long-term corporate credit ratings on all three companies, the 'A-2' short-term corporate credit ratings on Holcim Ltd., and all debt ratings, were affirmed. The outlook revision reflects our belief that Holcim's credit measures will considerably shrink this year and could further deteriorate next year, given the combination of ongoing aggressive spending on expansion projects and significant pressures on margins and cash flows in a very challenging market environment. We think that any lack of, or unsuccessful, management measures
