The ratings on Switzerland-based pharmaceuticals and diagnostics group Roche Holding AG (Roche) reflect Standard&Poor's Ratings Services' view of the group's excellent business positions in its pharmaceuticals and diagnostics divisions and its global No.1 position as a provider of oncology drugs. What's more, Roche has a well-stocked late-stage pipeline, and high free cash flow generation. The ratings are constrained by Roche's less conservative financial policy than in the past. The company's total financial debt was Swiss franc (CHF) 26.2 billion (about $32.0 billion) on 30 June, 2011. With group sales of CHF44.5 billion in the last 12 months (LTM) ended Sept. 30, 2011, Roche ranks among the top five global pharmaceuticals companies. The group's pharmaceuticals division continued to account
