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 high free cash flow generation. The ratings are constrained by what Standard&Poor's Ratings Services considers to be Roche's less conservative financial policy and subpar financial risk profile. The company's total financial debt was Swiss franc (CHF) 51.8 billion (about $47.7 billion) on June 30, 2009. With group sales of close to CHF24 billion in the first half of 2009, Roche ranks among the top five global pharmaceutical companies. The group's pharmaceuticals division continued to account for
