...Stable Credit Profiles: Fitch Ratings expects credit metrics to strengthen to within guidance for the ratings, reflecting the recovery in global end-markets and synergies from the mega- deals that have reshaped the industry. Some companies in the sector have financial profiles that are weak for their current ratings, due to large mergers and acquisitions following years of recession. These include the LafargeHolcim (LH) Ltd merger, CRH plc's acquisition of LH assets and HeidelbergCement (HC) AG's acquisition of Italcementi SpA. Weakening Emerging Markets: The stable sector outlook reflects Fitch's expectations that the recovery in developed construction markets will mitigate the slowdown in emerging markets. We expect growth in North America and Europe to support volume growth at CRH and HC, ahead of LH which has a lower exposure to the Americas. We expect the BRIC countries to be more challenging than in previous years, although Chinese construction markets are improving and they continue...
