Strong competitive positions in many markets, including India. Extensive geographic diversification. Cost-efficient operations. Ability to generate operating cash flow consistently over the business cycle. Cyclicality, seasonality, and high capital and energy intensity of the heavy building materials' industry. Superior access to global debt markets. Moderate financial policy. Financial leverage metrics that are somewhat exposed to the Swiss franc's appreciation, given that a significant part of the group's financial debt is Swiss franc-denominated while cash flow and earnings are largely in local currencies. Partial ownership and limited access to cash flows of key Indian subsidiaries. The stable outlook on Switzerland-based building materials company Holcim Ltd reflects Standard&Poor's Ratings Services' view that Holcim's cash flow and operating EBITDA in local
