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 risk profile--which we believe will underpin consistently robust cash generation in the future--and its "significant" financial risk profile. Supporting the ratings, in our opinion, are Holcim's large-scale, strong market positions worldwide; high level of 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. Holcim's reported like-for-like EBITDA decline of 4.4% for the
