The ratings on Switzerland-based pharmaceuticals and diagnostics group Roche Holding AG (Roche) reflect the group's excellent business position, based on high growth rates in its pharmaceuticals division, its global No.1 position as a provider of oncology drugs, well-stocked late-stage pipeline, and conservative financial profile. The ratings are constrained by Roche's slight underrepresentation in the high-margin U.S. pharmaceuticals market. The company's total financial debt was Swiss franc (CHF) 6.9 billion ($6.1 billion) on Dec. 31, 2007. With group sales of CHF46 billion in 2007, including its two majority holdings in U.S.-based Genentech Inc. (AA/Stable/A-1+) and Japan-based Chugai Pharmaceutical Co. Ltd. (Chugai; not rated), Roche ranks among the top five global pharmaceutical companies. The group's pharmaceuticals division accounted for close to 80%
