MUMBAI (Thomson Financial) - Moody's Investors Service said it assigned a 'Baa1' issuer and senior unsecured long-term debt rating to cement maker Holcim Ltd. and guaranteed issuers under the European Medium Term Note Programme.
Moody's said the ratings reflect the company's strong revenues, geographical diversification and strong market positions in many markets.
Moody's believes Holcim's activities, spread across Eastern Europe, Latin America, Africa Middle East, Asia Pacific, Western Europe and North America, are should mitigate the cyclical nature of the industry and the risks involved with activities in emerging markets, as in the past it has significantly contributed to the relative margin stability of the group.
The stable outlook for the ratings is based on Moody's expectation that, going forward, Holcim will continue to use its free cash flow for further bolt-on acquisitions. TFN.newsdesk@thomson.com ssa COPYRIGHT Copyright Thomson Financial News Limited 2008. All rights reserved. The copying, republication or redistribution of Thomson Financial News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Financial News.