On April 7, 2014, building materials companies Holcim and Lafarge announced their intention to merge. Given the transaction's contemplated structure involving large asset sales, we think the LafargeHolcim combined entity would have broadly comparable business risk and financial risk profiles to Holcim's on a stand-alone basis. We are affirming our 'BBB/A-2' ratings on Holcim. The stable outlook on Holcim reflects our view that the combined entity should present a solid investment-grade credit profile. On April 8, 2014, Standard&Poor's Ratings Services affirmed its 'BBB/A-2' long- and short-term corporate credit ratings on Switzerland-based heavy materials producer Holcim Ltd. The outlook remains stable. The affirmation follows the announcement by Holcim and French heavy materials group Lafarge S.A. on April 7, 2014,
