We expect HeidelbergCement to improve its financial leverage metrics over 2017-2018, mainly reflecting sustained cash flow generation. Integration of Italcementi within the group is progressing at full speed, with targeted synergies on track. The group's operating performance is benefiting from sustained demand in the U.S. and other developed markets, which should offset increased competition in some emerging countries. We are affirming our 'BBB-/A-3' corporate credit ratings on HeidelbergCement AG. The stable outlook reflects our view that HeidelbergCement group's leverage metrics will progressively improve over 2017 and 2018, reflecting better cash flow generation and lower adjusted debt. On July 13, 2017, S&P Global Ratings affirmed its 'BBB-/A-3' long- and short-term corporate credit ratings on Germany-based building materials manufacturer HeidelbergCement AG and
