...RWN on Potential Acquisition: The Rating Watch reflects the uncertainty around CRH plc's EUR6.5bn purchase of certain assets from Lafarge SA (BB+/RWP) and Holcim Ltd (BBB/Stable) and the announcement that it is exploring options to involve partners in certain regions in their acquisition. These could ease the debt burden of the largest acquisition in CRH's history. Modest Pressure on Credit Metrics: The EUR6.5bn acquisition will put some pressure on group credit metrics over the next twelve to eighteen months, although partly funded by a EUR1.6bn equity placement. Fitch Ratings forecasts pro forma net debt-to-EBITDAR to fall towards 3.0x by end-2016 after peaking at around 3.5x at end-15. This assumes no meaningful disposals and a recovery in group EBITDA, driven by the Americas. Active Portfolio Management: CRH has a track record of actively reshuffling its portfolio to optimise capital allocation. Management has successfully committed to more than EUR900m in disposals at on average 11x...
