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. The benefit to the group's operating performance from sustained demand in the U.S. and other developed markets. 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. Management willing to protect credit metrics by optimizing capital spending to retain investment grade rating. On track to benefit from planned synergies of integration of acquired businesses. S&P Global Ratings' stable outlook on HeidelbergCement
