The ratings on Switzerland-based building materials group Holcim Ltd. and related entities U.S.-based Holcim (U.S.) Inc. (BBB/Stable/--) and Canada-based St. Lawrence Cement Inc. (Holcim (Canada) Inc.; BBB/Stable/--) continue to reflect the group's strong business profile--which Standard&Poor's Ratings Services believes will underpin consistently robust cash generation in the future--and an intermediate financial profile. We view Holcim's strengths as stemming from its very large scale; strong positions worldwide and high vertical integration in cement, concrete, and aggregates; and considerable geographic diversity. In addition, several industry characteristics we consider credit positives, such as high barriers to entry because of high entry tickets and increasingly scarce well-located aggregates quarries; the local nature of markets, given unaffordable long-distance ground transportation; and limited substitution
