LONDON (S&P Global Ratings) May 12, 2020--S&P Global Ratings said today that Switzerland-headquartered building materials manufacturer LafargeHolcim Ltd. (BBB/Stable/A-2) has reasonable rating headroom despite the canceled disposal of the company's 85.7% shareholding in Holcim Philippines. Under our previous base-case scenario, we anticipated that LafargeHolcim would receive net proceeds for about $1.8 billion (about Swiss franc [CHF] 1.7 billion) from the disposal, strengthening the already healthy cash position at 2019 year-end, and helping mitigate the decline in sales due to the recessionary macroeconomic environment caused by the COVID-19 pandemic. The transaction was in the final stages of regulatory approvals. Factoring in the net proceeds, our forecast of S&P Global Ratings-adjusted funds from operations (FFO) to debt stood at about 30% in
