Broad geographic diversification, especially within Latin America, where the group makes 26% of its profits Cost-efficient operations Good, stable profitability over the past five years Consistently strong free cash flow generation High leverage that arises from the group's acquisitive growth strategy in a consolidating market The cyclicality, seasonality, and high capital intensity of the cement industry High exposure to antitrust investigations and potential fines for alleged anticompetitive practices due to the highly consolidated nature of some markets The ratings on Switzerland-based Holcim Ltd. are supported by its good and stable profitability, which translate into strong cash flow generation for the group. Holcim's leading business position as the world's second-largest cement producer, with good geographic and product diversification, is also positive
