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, a well-stocked late-stage pipeline, and its high free cash flow generation. The ratings are constrained by Roche's financial policy, which has become less conservative than in previous years. The group's total financial debt was Swiss franc (CHF) 42.4 billion ($47.7 billion) on Dec. 31, 2009. With group sales of CHF49 billion, Roche ranks among the top five global pharmaceutical companies. The group's pharmaceuticals division continued to account for close to 80% of total group revenues in 2009. With constant-exchange-rate sales growth of 11%
