Leading position in the aggregates business and No. 2 position in the cement business Extensive geographic diversification and absolute size in the sector Vertically integrated structure across business lines Cyclicality, seasonality, and high capital and energy intensity of the heavy building materials' industry Progressive improvement of leverage metrics over 2017-2018 Ability to generate robust free operating cash flows over the cycle Access to global debt markets and adequate liquidity Willingness to reduce financial leverage and to target a solid investment-grade rating The stable outlook on HeidelbergCement AG and its core subsidiaries reflects our view that the group's adjusted leverage metrics will progressively improve over 2017-2018 as per our base-case scenario for the ratings, reflecting better cash flow generation and lower
