World leading positions in its core businesses. High-quality products and technological leadership. Diverse production and sales, with an increasing share of service and aftermarket sales. Exposure to the very challenging mining and oil and gas industries, which we expect will lead to significant revenue decline over 2016. Expectations of moderately improved profitability over 2016 and 2017, following recent years' cost cutting. Volatile free operating cash flow generation over the cycle. Expectations about gradual debt reduction over 2016-2017. Fairly shareholder-friendly dividend policy. Currently subdued credit ratios for the rating. The negative outlook on Sweden-based capital goods manufacturer Sandvik reflects S&P Global Ratings' view that there is a one-in-three possibility that the company's credit ratios will not improve to levels we consider
