On Jan. 12, 2005, Standard&Poor's Ratings Services placed its 'BBB+' long-term and 'A-2' short-term corporate credit ratings on the world's second-largest cement producer, Switzerland-based Holcim Ltd., on CreditWatch with negative implications. At the same time, Standard&Poor's also placed on CreditWatch with negative implications its 'BBB+' long-term corporate credit rating on wholly owned U.S. subsidiary Holcim (US) Inc. and its 'BBB+' long-term local currency corporate credit rating on wholly owned Mexico-based subsidiary Holcim Apasco S.A. de C.V. The 'BBB-' long-term foreign currency corporate credit rating on the Mexican subsidiary remains unchanged, with a stable outlook. The CreditWatch placement follows Holcim's announcement that it is contemplating a debt-financed offer for the shares of U.K.-based Aggregate Industries PLC (not
