Fitch affirms Holcim Capital (Thailand)

Fitch Ratings said it affirmed Holcim Capital (Thailand) Ltd.'s national long-term AA-(tha) ratings on its series II guaranteed debentures due 2010 and series III due 2012, amounting to 4.6 billion in Thai baht.

The outlook has been revised to stable from negative, due to a similar outlook revision of its guarantor, Holcim Ltd.

The ratings on the debentures are based entirely on the irrevocable and unconditional guarantee provided by Holcim, which has BBB ratings and a stable view.

The outlook revision reflects Fitch's view that its credit metrics will improve gradually in the coming 24 months, which will place them more comfortably within the range of a BBB rating, Fitch said.

Trading conditions for the industry in mature markets will likely to remain challenged, especially in Western Europe, the agency said, while growth is expected to persist in major emerging countries.

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