Fitch affirms Holcim Capital

Fitch Ratings said it affirmed the AA-(tha) national long-term ratings of Holcim Capital (Thailand) Ltd.'s Thai baht 2.45 billion debentures due 2012 and its Thai baht 2 billion debentures due 2015.

The outlook is stable.

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

The ratings reflect its strong global market positions in cement, aggregates and concrete, its complementary product portfolio and its wide geographic diversification, Fitch said.

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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