The ratings on Switzerland-based Holcim Ltd. reflect the group's strong business position as the second-largest cement producer in the world, good and stable profitability over the past five years, and strong cash flow generation, as well as the group's moderate financial profile. Holcim is successfully working its way toward the target it set itself of an EBITDA margin of 30% by the end of 2006. The group's operating EBITDA margin was nearly 28% for the nine months to Sept. 30, 2004, compared with 27% for the same period in 2003. This was mainly the result of further cost-saving measures implemented by the group and the vast improvement in operating profits in the group's North American operations due to efficiency gains
