Summary: Holcim (Canada) Inc.
Standard & Poors, May 2011
Abstract
The ratings on Holcim (Canada) Inc. reflect what Standard & Poor's Ratings Services views as the credit enhancement from the company's ultimate parent, Switzerland-based Holcim Ltd. (Holcim; BBB/Stable/A-2), which derives a meaningful portion of its North American sales from Holcim Canada. The stand-alone ratings on Holcim Canada would likely be speculative-grade, but in Standard & Poor's opinion, the integration with, and support from, the parent provide sufficient credit protection to warrant ratings equalization. The ratings also reflect our view of Holcim Canada's strong market position as a leading cement producer in eastern Canada, its solid earnings and cash flows, and modest external debt leverage. Standard & Poor's believes these attributes are somewhat tempered, however, by the cyclical nature of the...
Companies mentioned in this report are: Holcim (Canada) Inc.,Holcim (U.S.) Inc.,Holcim Ltd.
Action: Review
Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress Credit Research lets users determine the credit rating of holdings and identify key factors underlying an issuer's creditworthiness, distinguishes the different risk exposures for new and existing deals, and provides an understanding of how their analysts interpret key regulatory, political and environmental events and their economic impact.
This product consists of a Summary Analysis: Bi-annual (at least). An abbreviated analysis containing Standard & Poor's issuer credit ratings as of the time the article was published. The analysis includes a rating rationale - the basis on which the rating was assigned - and an outlook section if the issuer is not on CreditWatch. Financial statistics are not included.
Holcim (Canada) Inc.,Holcim (U.S.) Inc.,Holcim Ltd.
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