LafargeHolcim's 2016 operating performance was broadly in line with our expectation for the year, and we anticipate that profitability will further improve in 2017 on a like-for-like basis. Adjusted credit metrics in 2016 were at the weaker end of our expectations, mainly reflecting postponement of some disposals until 2017, but we expect metrics to significantly improve in the current year, when the Swiss franc (CHF) 5 billion asset disposal plan should be completed. We are therefore affirming our 'BBB/A-2' ratings on LafargeHolcim and the company's operating and financial subsidiaries. The outlook remains stable, reflecting our view that the group's credit metrics will significantly improve in 2017, thanks to further progress in operating performance and absolute debt reduction as a result
