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, its well-stocked late-stage pipeline, and its high free cash flow generation. The ratings are constrained by Roche's less-conservative financial policy than in the past. The group's total financial debt was Swiss franc (CHF) 30.1 billion ($28.6 billion) on Dec. 31, 2010. With group sales of CHF47.5 billion in 2010, Roche ranks among the top five global pharmaceutical companies. The pharmaceuticals division continued to account for nearly 80% of total group revenues in the period under review. With underlying constant-exchange-rate sales growth of 5%
