LafargeHolcim posted weaker operating cash flow generation than expected during the third quarter of 2017, and revised downward its 2017 target of net debt to adjusted operating EBITDA. We now believe that LafargeHolcim will post funds from operations to debt of 21%-23% in 2017, which is weak for the ratings. We are therefore revising our outlook on LafargeHolcim and its core operating and financial subsidiaries to negative from stable and affirming our 'BBB/A-2' ratings. The negative outlook reflects our view that the group's leverage metrics may not improve in 2018 to a level commensurate with the current rating, due to persistent weak operating cash flow generation and unchanged shareholder remuneration. On Nov. 3, 2017, S&P Global Ratings revised its outlook
