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 continue to have an adverse impact on revenues in 2016 and 2017. Expectations of moderately improved profitability over 2016 and 2017, following recent years' cost-cutting. Volatile free operating cash flow generation over the cycle. Expected 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
