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 less-conservative financial policy in a historical context. The company's total financial debt was Swiss franc (CHF) 36.4 billion ($33.5 billion) on June 30, 2010. With group sales of about CHF50 billion in the last 12 months to June 30, 2010, Roche ranks among the top five global pharmaceutical companies. The group's pharmaceuticals division continued to account for nearly 80% of total group revenues in the
