Strong competitive positions in virtually all key markets, with a few exceptions. Extensive geographic diversification. Cost-efficient operations. Cyclicality, seasonality, and high capital and energy intensity of the heavy building materials' industry. Some operations in a competitive and fragmented industry with limited pricing flexibility. Superior access to global debt markets. Management's willingness to protect credit metrics and liquidity when needed. Ability to generate operating cash flow consistently over the business cycle. Strong liquidity. The stable outlook on Switzerland-based building materials manufacturer LafargeHolcim Ltd. and its core subsidiaries reflects Standard&Poor's Ratings Services' view that the group's leverage metrics will progressively recover in 2016-2017, compared with pro forma 2015 metrics following the merger of France-based Lafarge S.A. into Switzerland-based Holcim Ltd.
