Strong competitive positions in virtually all key markets, with a few exceptions. Extensive geographic diversification. Cost-efficient operations. The heavy building materials' industry is cyclical, seasonal, and highly capital- and energy-intensive. Some operations in countries with a very fragmented offer, with limited pricing flexibility. Superior access to global debt markets. New top management's disciplined approach to value creation. Ability to generate operating cash flow consistently over the business cycle. Poor working capital trend in 2016-2017 in some key countries Strong liquidity. The negative outlook on global producer of heavy building materials, LafargeHolcim Ltd., reflects S&P Global Ratings' view that the key credit metric, funds from operations (FFO) to debt, although expected to improve, may not reach a level comfortably above 22%
