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 Holcim (Canada) Inc. (BBB/Stable/--; formerly St. Lawrence Cement Inc.) 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 a significant financial risk 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, we consider that the industry has several characteristics that are credit positives, such as high barriers to entry because of the high price of entry and increasingly scarce well-located aggregates quarries; the local nature of
