LONDON (Standard&Poor's) April 1, 2005--Standard&Poor's Ratings Services today published a report further clarifying the rationale behind its affirmation of the 'BBB+/A-2' ratings on Switzerland-based cement producer Holcim Ltd., and their removal from CreditWatch. The ratings now have a stable outlook. The ratings were affirmed today (see "Holcim Group 'BBB+' Ratings Affirmed Following Major Acquisitions; Off Watch; Outlook Stable" on RatingsDirect, Standard&Poor's Web-based credit analysis system). Specifically, the report, entitled "Credit FAQ: Holcim Ltd.", addresses the following questions: -- What were the key determinants of the rating affirmation? -- What are some of the key credit metrics the group will need to achieve to maintain the ratings? -- How much flexibility does Holcim still have
