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/--) reflect Standard&Poor's Ratings Services' view of the group's strong business profile--which we believe will underpin consistently robust cash generation in the future--and a significant financial risk profile. Supporting the ratings, in our view, are Holcim's large scale, strong market positions worldwide, high vertical integration, and considerable geographic diversity. Constraining the ratings are the group's significant financial risk profile and aggressive capital spending on expansion projects, as well as exposure to pronounced construction end-market cyclicality and seasonality, commoditized products, and heavy capital and energy intensity. In 2009, Holcim posted sales of Swiss franc (CHF) 21.1 billion,
