Fitch affirms Holcim

Fitch Ratings said it affirmed the national long-term ratings of Holcim Capital (Thailand) Ltd.'s two series of guaranteed debentures at AA-(tha). This includes the 2.45 billion in Thai baht debenture due 2012 and the 2 billion in Thai baht debenture due 2015.

The outlook is stable.

The ratings are based entirely on an irrevocable and unconditional guarantee provided by Holcim Ltd., which has a long-term issuer default rating of BBB and stable outlook.

The ratings reflect the company's strong global market positions in cement, aggregates and concrete, Fitch said, and its complementary product portfolio and wide geographical diversification.

Fitch noted that any change in the international rating differential between Holcim and Thailand's A- long-term local-currency issuer default rating may affect the debentures' national rating.

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