...Stable Credit Profiles: Fitch Ratings maintains the stable rating outlook, because it expects companies' financial profiles to improve to a level that is commensurate with their ratings. This assumes further debt containment and single-digit earnings growth after cost-cutting programmes were implemented during the recession. We expect continued cost cuts, as companies are reviewing their operating structures in the wake of the recent wave of consolidation. Recovery in Developed Markets: The stable sector outlook reflects our expectation that the recovery in building materials and products in North America and selected European markets will continue in 2016. Markets remain difficult in central and southern European countries, including France and Italy, although they may have troughed in Spain and Portugal. Emerging markets still offer high-growth opportunities, but the pressure to invest in these is easing, as the weight is gradually shifting towards developed markets. Leverage Constrains...
