...Heightened geopolitical and trade tensions could indirectly affect the sector. Most building products are produced and sold locally. However, increasing trade tensions and continued geopolitical risk may indirectly affect sales by hampering business and consumer confidence. Rating pressure is confined in the `B' category. Elsewhere, we expect credit quality to remain largely stable in 2025 despite the prolonged effects of challenging market conditions. M&A activity has resumed. After renewed activity in 2024, we anticipate further acquisitions, particularly large companies expanding in regions or segments that benefit from higher growth....
