The stable outlook indicates that we expect Saint-Gobain to display robust operating performance through 2019 and 2020. This should be supported by good volume demand in Europe and the U.S., and an inflationary environment that results in positive pricing conditions. We forecast funds from operations (FFO) to debt of 25%-30% in 2019-2020, similar to 2018. This reflects a moderation in share buybacks in 2019-2020 (compared to 2018 when the group acquired more than €0.5 billion of shares) and ongoing portfolio optimization, including asset disposals. We also expect economic and operating conditions in Saint-Gobain's core markets, particularly North America and Europe, to soften compared with 2017-2018 but to remain supportive. We believe that its credit metrics will remain comfortably commensurate with
