The ratings are based entirely on an irrevocable and unconditional guarantee by Holcim Ltd (Holcim; Long-Term Issuer Default Rating (IDR): ‘BBB’/Stable Outlook). Holcim’s ratings reflect its strong global market positions in cement, aggregates and concrete, its complementary product portfolio and its wide geographic diversification. For more information on Holcim, please refer to the credit update dated 30 September 2011 and to the rating action commentary entitled, “Fitch Affirms Holcim at ‘BBB’; Stable Outlook”, dated 19 January 2012, available at www.fitchratings.com.
Fitch notes that any change in the International rating differential between Holcim and Thailand’s ‘A-’ Long-Term Local-Currency IDR may affect the debentures’ National rating. Also, a one-notch change in the global scale rating could result in a change of more than one notch in a National rating.
HCT was established in 1998 to provide financial support to the affiliated companies of the Holcim group in Thailand by investing in securities, such as debentures, issued by such affiliated companies. HCT’s shareholders include Thai Roc-Cem Ltd. (51%) and Holderfin B.V. Netherlands (49%). Thai Roc-Cem Ltd. is 100%-owned by Holcim Participations (Thailand) Ltd., a 100%-owned subsidiary of Holderfin B.V., which is in turn wholly-owned by Holcim.
Contacts:
Primary Analyst
Obboon Thirachit
Director
+66 2655 4757
Fitch Ratings (Thailand) Limited
Wave Place 13th Fl.
Wireless Road, Lumpini, Patumwan
Bangkok 10330, Thailand
Secondary Analyst
Pimrumpai Panyarachun
Associate Director
+66 2655 4752
Committee Chairperson
Vicky Melbourne
Senior Director
+61 2 8256 0325