...+ We view LafargeHolcim Ltd.'s operating performance in 2018 as broadly stable, with S&P Global Ratings-adjusted EBITDA of Swiss franc (CHF) 5.6 billion amid challenging market conditions, notably in the first half of the year. + At the same time, we take into account management's prudent financial policy and commitment to deleveraging, evident from its intention to use the proceeds from the sale of Holcim Indonesia for debt reduction. + We are therefore revising our outlook on LafargeHolcim to stable from negative and affirming our '###/A-2' long- and short-term issuer credit ratings on the company. We are also affirming our issue ratings on all LafargeHolcim's outstanding senior unsecured bonds and hybrid securities. + The stable outlook reflects our forecast that LafargeHolcim's adjusted funds from operations to debt will remain comfortably above 22% in the coming years, benefiting from supportive demand for heavy building materials, notably in Europe and North America....
