FRANKFURT (Standard&Poor's) Feb. 1, 2006--Standard&Poor's Ratings Services said today it assigned its 'AA+' long-term and 'A-1+' short-term corporate credit ratings to Switzerland-based pharmaceuticals and diagnostics group Roche Holding AG (Roche). The outlook is stable. "The ratings reflect the group's excellent business position, based on high growth rates in its pharmaceuticals division, its global No.1 position as a provider of oncology drugs, well stocked late-stage pipeline, and conservative financial profile," said Standard&Poor's credit analyst Olaf Toelke. The ratings are constrained by Roche's under-representation in the high-margin U.S. pharmaceuticals market and below best-in-class margins in its pharmaceuticals business outside the U.S. Total financial debt was Swiss franc (SFr) 9.7 billion ($7.5 billion) at Dec. 31, 2005.
