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 our view that the group's credit metrics will improve in 2017, as per our base-case scenario, reflecting progress in both operating performance and absolute debt reduction as result of the completion of Swiss
