Leading position in the aggregates business and No. 2 position in the cement business. Extensive geographic diversification and absolute size in the sector. Vertically integrated structure across business lines. Cyclicality, seasonality, and high capital and energy intensity of the heavy building materials' industry. The benefit to the group's operating performance from sustained demand in the U.S. and other developed markets. Cost-efficiency measures should offset margin pressure from rising energy and raw material prices. Management's current willingness to reach a more comfortable position to be rated within the investment-grade territory and to protect credit metrics in case of downturn by optimizing capital spending (capex). Progressive improvement of leverage metrics over 2018-2019. Ability to generate robust free operating cash flows (FOCF) over
