LafargeHolcim Ltd. · Reconciliation Related Criteria And ... The stable outlook on...

LafargeHolcim Ltd.

Primary Credit Analyst:

Renato Panichi, Milan (39) 02-72111-215; [email protected]

Secondary Contact:

David Matthews, London (44) 20-7176-3611; [email protected]

Table Of Contents

Rationale

Outlook

Our Base-Case Scenario

Company Description

Business Risk

Financial Risk

Liquidity

Covenant Analysis

Other Modifiers

Other Credit Considerations

Ratings Score Snapshot

Reconciliation

Related Criteria And Research

WWW.STANDARDANDPOORS.COM/RATINGSDIRECT MARCH 22, 2017 1

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Business Risk: STRONG

Vulnerable Excellent

Financial Risk: SIGNIFICANT

Highly leveraged Minimal

bbb bbb bbb

Anchor Modifiers Group/Gov't

CORPORATE CREDIT RATING

BBB/Stable/A-2

Rationale

Business Risk: Strong Financial Risk: Significant

• Strong competitive positions in virtually all key

markets, with a few exceptions.

• Extensive geographic diversification.

• Cost-efficient operations.

• Cyclicality, seasonality, and high capital and energy

intensity of the heavy building materials' industry.

• Some operations in a competitive and fragmented

industry with limited pricing flexibility.

• Superior access to global debt markets.

• Management's willingness to protect credit metrics

and liquidity when needed.

• Ability to generate operating cash flow consistently

over the business cycle.

• Strong liquidity.


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Outlook: Stable

The stable outlook on Switzerland-based building materials manufacturer LafargeHolcim Ltd. and its core

subsidiaries reflects our view that the group's credit metrics will improve in 2017, as per our base-case scenario,

reflecting progress in both operating performance and absolute debt reduction as result of the completion of Swiss

franc (CHF) 5 billion of planned asset divestments. We expect funds from operations (FFO) to debt to reach the

24%-27% range in 2017, and to further improve to 25%-28% in 2018.

In our opinion, headroom at the 'BBB' rating level is limited in 2017, reflecting LafargeHolcim's decision in

November 2016 to increase shareholder distributions in 2017-2018 through dividends and share buybacks, at a

time when credit metrics are still recovering. This will result in slower financial deleveraging over the period. As

such, any material deviation from our base-case scenario during 2017 would likely put pressure on the ratings.

Downside scenario

We could consider a negative rating action if market conditions were significantly worse than in our base-case

scenario, particularly if the positive price trend that we observed in 2016 were to reverse, or if cement volume

growth in some key markets such as India or the U.S. were weak. Inability to complete the asset disposal plan

would also put pressure on the ratings. FFO to debt weakening below 22% for a sustained period of time would

trigger a negative rating action.

Upside scenario

We might consider a positive rating action if LafargeHolcim's FFO to debt approached 30% on a sustainable basis.

We consider this scenario unlikely in 2017-2018, in light of the group's decision to use financial headroom at the

current rating level by returning funds to shareholders.

Our Base-Case Scenario


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Assumptions Key Metrics

• Better volume growth in 2017 and 2018 than in 2016

in some countries where LafargeHolcim operates,

particularly emerging markets. The continuation of a

positive pricing trend should also help offset likely

higher cost inflation.

• A likely increase in revenues of 2%-3% in both 2017

and 2018, including the change of scope due to asset

disposals.

• An increase in adjusted EBITDA of 6%-8% in 2017,

including the change of scope due to asset disposals,

thanks to the continuation of positive price trends

and synergies.

• Capital spending of about CHF1.7 billion in 2017,

and a moderate rise in 2018, helping to boost free

operating cash flow to CHF2 billion-CHF2.5 billion

by 2018.

• Moderate working capital absorption in both 2017

and 2018.

• Completion in 2017 of the CHF5 billion asset

disposal program, bringing in about CHF2.1

billion-CHF2.2 billion of cash.

• Shareholder remuneration, both dividends and share

buybacks, of about CHF1.7 billion per year in 2017

and 2018, excluding dividends paid to

non-controlling interests.

2016A 2017E 2018E

EBITDA margin* (%) 21.1 21.5-22.5 22.0-23.0

FFO to debt*(%) 21.3 24.0-27.0 25.0-28.0

Debt to EBITDA* (x) 3.2 2.5-2.7 2.4-2.6

FFO--Funds from operations. A--Actual. E--Estimate.

*Fully S&P Global Ratings-adjusted.

Company Description

LafargeHolcim is the world largest producer of heavy building materials, including cement (353 million tons per year of

cement capacity at end-2016); aggregates (648 plants at end-2016); and ready-mix and other construction materials

(1,410 plants at end-2016). The group has extensive geographic and asset diversification, with more than 2,300

production sites in about 80 countries, and operates with a high level of vertical integration.

LafargeHolcim's products are used in various projects and applications, including infrastructure projects, such as

transport, roads, energy, and sports and cultural facilities; the mining industry; and building projects comprising

individual housing, collective housing, office buildings, industrial and commercial buildings, and institutional buildings.

LafargeHolcim is the result of the merger by incorporation in 2015 of France-based Lafarge S.A. into

Switzerland-based Holcim Ltd., which was renamed LafargeHolcim Ltd. Following the completion of a squeeze-out in

November 2015, Lafarge S.A. was delisted. LafargeHolcim is headquartered in Jona, Switzerland. At March 17, 2017,

LafargeHolcim's market capitalization amounted to CHF35.7 billion. Group reported revenues and EBITDA in 2016


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amounted to CHF26.9 billion and 5.2 billion, respectively.

Business Risk: Strong

Global diversified operations, with key positions in emerging countries

LafargeHolcim has an unrivalled asset portfolio in terms of size and geographic diversity; a strong competitive position

in virtually all its key markets, with a few exceptions, for instance, China; cost-efficient operations; and the ability to

generate operating cash flow consistently over the business cycle. Similarly, we believe that LafargeHolcim's portfolio

of about 80 countries, with about half of sales coming from developing economies, helps reduce the seasonality and

cyclicality that characterizes the building materials industry, and allows for better capacity utilization.

However, our assessment also reflects some key risks, such as the high capital and energy intensity of the heavy

building materials industry, and LafargeHolcim's operation in a competitive and fragmented industry with limited

pricing flexibility. In addition, LafargeHolcim's operations in emerging markets expose the group to potential monetary

and political risks and heightened economic volatility.

We view LafargeHolcim's high degree of vertical integration as a key asset, given the scarcity of well-located quarries,

and because the demand for aggregates depends mainly on public sector spending, which may prove countercyclical

to private-sector construction. The group's scale and extensive production and distribution network, and track record

of effective cost management, help support robust operating margins.

LafargeHolcim's 2016 operating performance was broadly in line with our expectations, and we anticipate that

profitability will further improve in 2017 on a like-for-like basis. The group's S&P Global Ratings-adjusted 2016

EBITDA margin of about 21% is average for the cement manufacturing subsector in the context of a whole business

cycle. (We note, however, that the 2016 margin was affected by some negative one-offs items.) Currently, positive

momentum in the U.S. is offset by weak trends in several emerging markets. We believe that operating efficiencies

resulting from planned synergies and lower one-off payments may support margins of 22%-23% over the next couple

of years.


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Our Base-Case Operating Scenario

• We believe that LafargeHolcim's performance in 2017 and 2018 will benefit from better volume growth than

2016 in some countries where it operates, particularly Asia-Pacific, where we expect GDP will grow by 4.4% in

2017 and 2018, and the U.S., where we expect GDP will advance by 2.4% in 2017 and 2.3% in 2018.

• We forecast sales growth in the low- to mid-single digits for full-year 2017 and 2018.

• We expect that profitability will increase in 2017 on a like-for-like basis, reflecting some recovery in cement

demand, a continuation of the positive trend in pricing, and additional cost synergies, which should offset a

likely increase in cost inflation from the trough in 2016.

• We anticipate a better volume trend in 2017 compared with 2016, particularly in India, where the effect of the

demonetization should ease and infrastructure development should gain momentum.

• However, we believe that EBITDA margin improvement in 2017 will be fairly limited compared with 2016, as a

result of higher energy costs than 2016. The EBITDA margin should stand at around 22%, based on our

assumptions. Our 2016 adjusted EBITDA margin improved to 21.2% from 17.0% in 2015 (pro forma the merger

of Lafarge and Holcim), mainly reflecting positive pricing developments, lower merger implementation costs,

the achievement of about three-quarters of target 2017 synergies, and a moderation in cost inflation as a result

of low energy costs.

• We believe that LafargeHolcim's performance in 2017 will continue to differ across regions, as it did in 2016.

The group's operations in emerging markets heighten economic volatility, but we expect more positive

prospects in some emerging markets in 2017, particularly Asia-Pacific.

Peer comparisonTable 1

LafargeHolcim Ltd. Peer Comparison

LafargeHolcim

Ltd.

HeidelbergCement

AG*

Compagnie de

Saint-Gobain CRH PLC

Wuerth GmbH & Co.

KG Adolf

(Mil. CHF) --Fiscal year ended Dec. 31, 2016-- --Fiscal year ended Dec. 31, 2015--

Revenues 26,904.0 16,262.3 43,059.5 25,684.8 11,928.3

EBITDA 5,678.0 3,004.5 4,500.7 2,990.1 1,208.6

Funds from operations (FFO) 3,816.5 2,012.6 3,282.8 2,131.7 1,022.0

Net income from continuing

operations

1,748.0 760.7 406.4 786.8 456.0

Cash flow from operations 3,583.5 2,315.2 3,206.7 2,825.0 838.1

Capital expenditures 2,141.0 1,113.9 1,602.9 958.5 544.0

Free operating cash flow 1,442.5 1,201.3 1,603.8 1,866.5 294.1

Discretionary cash flow 284.5 842.4 808.3 1,450.3 196.2

Cash and short-term

investments

4,922.0 2,135.8 5,846.6 2,736.4 739.3

Debt 17,933.7 13,226.0 11,639.0 10,020.8 2,293.3

Equity 34,630.4 19,173.7 21,000.4 14,718.7 4,290.2

Adjusted ratios

EBITDA margin (%) 21.1 18.5 10.4 11.6 10.0

Return on capital (%) 5.6 6.6 4.9 7.5 11.0

EBITDA interest coverage (x) 5.5 5.2 5.8 6.0 8.4


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Table 1

LafargeHolcim Ltd. Peer Comparison (cont.)

LafargeHolcim

Ltd.

HeidelbergCement

AG*

Compagnie de

Saint-Gobain CRH PLC

Wuerth GmbH & Co.

KG Adolf

(Mil. CHF) --Fiscal year ended Dec. 31, 2016-- --Fiscal year ended Dec. 31, 2015--

FFO cash interest coverage

(x)

4.0 4.6 8.4 8.0 22.7

Debt/EBITDA (x) 3.2 4.4 2.6 3.4 1.9

FFO/debt (%) 21.3 15.2 27.9 21.1 44.1

Cash flow from

operations/debt (%)

20.0 17.5 27.3 28.1 36.1

Free operating cash

flow/debt (%)

8.0 9.1 13.5 18.5 12.4

Discretionary cash flow/debt

(%)

1.6 6.4 6.7 14.3 8.1

*HeidelbergCement 2016 profit and loss data are based on reported figures where Italcementi is included only from July 1, 2016.

Financial Risk: Significant

Headroom at the current rating is limited due to increased shareholder remuneration

In our opinion, LafargeHolcim's decision in November 2016 to increase shareholder distribution through dividends and

share buybacks when leverage metrics are still in a recovery phase translates into a slower financial deleveraging in

2017-2018. As such, we believe that headroom at the 'BBB' rating level is limited, and that any material deviation from

our base-case scenario during 2017 would likely put pressure on the ratings.

Although LafargeHolcim's adjusted credit metrics have improved, they were at the weaker end of our expectations for

2016, mainly reflecting the postponement of some disposals until 2017. Adjusted FFO to debt stood at 21.3% in 2016,

up from 15.1% in 2015 (pro forma the merger), and debt to EBITDA stood at 3.2x, compared with a pro forma 4.1x in

2015. We expect financial leverage to improve this year, when the CHF5 billion asset-disposal plan for 2016-2017

should be completed, partially offset by the increase in planned shareholder distributions, resulting in slower

deleveraging. We anticipate that FFO to debt will reach 24%-27% at year-end 2017 and debt to EBITDA will improve

to 2.5x-2.7x.

LafargeHolcim's leverage metrics are partly exposed to currency depreciation in emerging countries, as most of its

financial debt is in hard currencies. In 2016, negative foreign-exchange effects on group EBITDA stood at CHF228

million, which translated into a worsening of the group's debt to EBITDA by about 0.1x. Conversely, debt

denomination in hard currencies, as well as financial liability management, allowed LafargeHolcim to significantly limit

interest expenses in 2016. Furthermore, having debt denominated in hard currencies allows the group to keep a long

average debt maturity--5.9 years at year-end 2016--which is credit-positive.

The cement industry's capital intensity is a structural constraint on financial risk, because it translates into hefty capital

expenditure (capex) and large seasonal working capital swings, with a risk of a build-up in working capital depending

on industry conditions. However, LafargeHolcim has a track record of resilient free operating cash flow generation

over the business cycle. Furthermore, heavy materials producers typically see working capital contraction when


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revenues decline organically.

Our Base-Case Cash Flow And Capital Structure Scenario

• A reduction in LafargeHolcim's adjusted net debt to about CHF16 billion at end-2017, from CHF18 billion at

end-2016, mainly reflecting the completion of the CHF5 billion asset disposal program, which will bring in about

CHF2.1 billion-CHF2.2 billion of cash

• Moderate working capital absorption in both 2017 and 2018.

• Capex of about CHF1.7 billion in 2017, rising moderately in 2018.

• Shareholder remuneration, both dividends and share buybacks, of about CHF1.7 billion per year in 2017 and

2018, excluding dividends paid to non-controlling interests.

• A progressive recovery of the group's leverage metrics in 2017-2018, compared with 2016 metrics. Adjusted

ratios of FFO to debt of 21% in 2016 should improve to 24%-27% in 2017 and 25%-28% by 2018. Debt to

EBITDA should reduce to about 2.5x-2.7x in 2017 and 2.4x-2.6x in 2018, compared with 3.2x in 2016.

Our adjusted debt figure is higher than the group's reported debt figure because we deduct cash that we believe is

not immediately available for debt repayment, mainly cash held by subsidiaries with significant minority

shareholders in India. Furthermore, we add about CHF950 million related to operating lease commitments,

CHF638 million related to asset retirement obligations, and CHF1.3 billion related to pension liabilities.

However, we exclude about CHF319 million of purchase price allocation from Lafarge's debt. We do not adjust our

debt number for the provisions on litigation as we understand that disbursement is currently uncertain. However,

we note that the litigation provisions increased in 2016 and now total CHF903 million; as such, in case of adverse

outcomes, a significant disbursement would result in higher debt and thereby possibly put pressure on the ratings.

Financial summaryTable 2

LafargeHolcim Ltd. Financial Summary

--Fiscal year ended Dec. 31--

(Mil. CHF) 2016 2015 2014 2013 2012

Revenues 26,904.0 23,584.0 19,110.0 19,719.0 21,544.0

EBITDA 5,678.0 3,992.5 3,930.5 4,159.0 4,154.5

Funds from operations (FFO) 3,816.5 2,324.0 2,854.4 2,801.1 2,869.5

Net income from continuing operations 1,748.0 (1,573) 1,287.0 1,272.0 622.0

Cash flow from operations 3,583.5 2,598.0 2,529.4 2,845.1 2,760.5

Capital expenditures 2,141.0 2,509.0 2,199.0 2,430.0 1,897.0

Free operating cash flow 1,442.5 89.0 330.4 415.1 863.5

Discretionary cash flow 284.5 (207.0) (390.6) (160.9) 319.5

Cash and short-term investments 4,922.0 4,393.0 2,149.0 2,244.0 3,146.0

Debt 17,933.7 20,497.9 11,593.2 11,267.6 12,682.6

Equity 34,630.4 35,619.0 20,112.7 18,677.7 19,350.6

Adjusted ratios

EBITDA margin (%) 21.1 16.9 20.6 21.1 19.3


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Table 2

LafargeHolcim Ltd. Financial Summary (cont.)

--Fiscal year ended Dec. 31--

(Mil. CHF) 2016 2015 2014 2013 2012

Return on capital (%) 5.6 (0.2) 8.6 8.8 6.6

EBITDA interest coverage (x) 5.5 4.7 6.4 6.1 5.7

FFO cash interest coverage (x) 4.0 2.8 5.3 5.0 4.9

Debt/EBITDA (x) 3.2 5.1 2.9 2.7 3.1

FFO/debt (%) 21.3 11.3 24.6 24.9 22.6

Cash flow from operations/debt (%) 20.0 12.7 21.8 25.2 21.8

Free operating cash flow/debt (%) 8.0 0.4 2.9 3.7 6.8

Discretionary cash flow/debt (%) 1.6 (1.0) (3.4) (1.4) 2.5

Liquidity: Strong

The short-term rating is 'A-2'. We view LafargeHolcim's liquidity as strong, with a pro forma ratio of sources to uses of

more than 1.5x over the 12 months from Dec. 31, 2016, underpinned by sizable cash balances and committed undrawn

lines.

Principal Liquidity Sources Principal Liquidity Uses

• An available cash balance in excess of CHF4.9

billion at Dec. 31, 2016;

• Committed, undrawn lines totaling about CHF5.1

billion, with maturity beyond one year;

• Proceeds from asset disposals of CHF2.1

billion-CHF2.2 billion for 2017; and

• Our forecast of unadjusted FFO of CHF4.3

billion-CHF4.5 billion.

• Short-term debt maturities of about CHF5 billion;

• Capex of about CHF1.7 billion;

• A working capital outflow of about CHF0.3 billion;

• A seasonal working capital requirement of CHF0.8

billion-CHF0.9 billion; and

• Dividend payments and share buybacks of about

CHF1.7 billion.

Debt maturitiesTable 3

LafargeHolcim Ltd. Debt Maturities As Of Dec. 31, 2016 (€ mil.)

Current portion of long-term debt 6,807

Debt due in 2nd year 2,191

Debt due in 3rd year 1,996

Debt due in 4th year 1,424

Debt due in 5th year 1,718

Debt due after year 5 5,584

Total debt 19,720


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Covenant Analysis

To our knowledge, outstanding corporate debt and committed bank lines are currently free of rating triggers, financial

maintenance covenants, and material adverse change clauses.

Other Modifiers

Our strong management and governance assessment, which is neutral for the ratings on LafargeHolcim, reflects the

group's cautious balancing of fixed-income and equity investors' interests, together with consistent strategic

undertakings and a solid track record of cost efficiencies.

Other Credit Considerations

We align our issue ratings on LafargeHolcim's senior unsecured debt with our corporate credit ratings on

LafargeHolcim. We estimate that the group's priority liabilities are between 20% and 25%, but there are significant

mitigating factors, such as LafargeHolcim's wide geographic diversity and downstream loans from the parent

companies to the group operating subsidiaries.

We align the ratings on Lafarge S.A. and its subsidiary Lafarge North America with those on LafargeHolcim. This

reflects our view that Lafarge S.A. and Lafarge North America are core subsidiaries of LafargeHolcim. Lafarge S.A. is a

sub-holding company that owns operating subsidiaries representing nearly one-half of group assets and revenues.

We also align the ratings on the group financial vehicles (see list in the "Ratings Details" section) with those on

LafargeHolcim. This reflects our view that those vehicles are core subsidiaries of the LafargeHolcim group, as they are

legal entities created for the purpose of raising debt on the group's behalf.

Ratings Score Snapshot

Corporate Credit Rating

BBB/Stable/A-2

Business risk: Strong

• Country risk: Intermediate

• Industry risk: Intermediate

• Competitive position: Strong

Financial risk: Significant

• Cash flow/Leverage: Significant

Anchor: bbb


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Modifiers

• Diversification/Portfolio effect: Neutral (no impact)

• Capital structure: Neutral (no impact)

• Financial policy: Neutral (no impact)

• Liquidity: Strong (no impact)

• Management and governance: Strong (no impact)

• Comparable rating analysis: Neutral (no impact)

Reconciliation

Table 4

Reconciliation Of LafargeHolcim Ltd. Reported Amounts With S&P Global Ratings' Adjusted Amounts (Mil.CHF)

--Fiscal year ended Dec. 31, 2016--

LafargeHolcim Ltd. reported amounts

Debt

Shareholders'

equity EBITDA

Operating

income

Interest

expense EBITDA

Cash flow

from

operations

Capital

expenditures

Reported 19,720.0 30,822.0 5,242.0 2,837.0 862.0 5,242.0 3,295.0 2,175.0

S&P Global Ratings' adjustments

Interest expense

(reported)

-- -- -- -- -- (862.0) -- --

Interest income

(reported)

-- -- -- -- -- 132.0 -- --

Current tax expense

(reported)

-- -- -- -- -- (943.0) -- --

Operating leases 949.5 -- 294.0 71.4 71.4 222.6 222.6 --

Postretirement benefit

obligations/deferred

compensation

1,264.2 1.4 (23.0) (23.0) 56.0 (98.8) 46.2 --

Surplus cash (4,401.3) -- -- -- -- -- -- --

Capitalized interest -- -- -- -- 34.0 (34.0) (34.0) (34.0)

Share-based

compensation expense

-- -- 15.0 -- -- 15.0 -- --

Dividends received from

equity investments

-- -- 160.0 -- -- 160.0 -- --

Asset retirement

obligations

638.4 -- 4.0 4.0 4.0 (3.3) 53.7 --

Non-operating income

(expense)

-- -- -- 355.0 -- -- -- --

Non-controlling

interest/minority interest

-- 3,925.0 -- -- -- -- -- --

Debt--guarantees 118.0 -- -- -- -- -- -- --

Debt--other (355.0) -- -- -- -- -- -- --

Equity--other -- (118.0) -- -- -- -- -- --

EBITDA--other -- -- (14.0) (14.0) -- (14.0) -- --


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Table 4

Reconciliation Of LafargeHolcim Ltd. Reported Amounts With S&P Global Ratings' Adjusted Amounts (Mil.CHF) (cont.)

Total adjustments (1,786.3) 3,808.4 436.0 393.4 165.4 (1,425.5) 288.5 (34.0)

S&P Global Ratings' adjusted amounts

Debt Equity EBITDA EBIT

Interest

expense

Funds from

operations

Cash flow

from

operations

Capital

expenditures

Adjusted 17,933.7 34,630.4 5,678.0 3,230.4 1,027.4 3,816.5 3,583.5 2,141.0

Related Criteria And Research

Related Criteria

• Methodology And Assumptions: Liquidity Descriptors For Global Corporate Issuers, Dec. 16, 2014

• Key Credit Factors For The Building Materials Industry, Dec. 19, 2013

• Corporate Methodology: Ratios And Adjustments, Nov. 19, 2013

• Corporate Methodology, Nov. 19, 2013

• Country Risk Assessment Methodology And Assumptions, Nov. 19, 2013

• Industry Risk, Nov. 19, 2013

• Group Rating Methodology, Nov. 19, 2013

• Methodology For Linking Short-Term And Long-Term Ratings For Corporate, Insurance, And Sovereign Issuers,

May 7, 2013

• Methodology: Management And Governance Credit Factors For Corporate Entities And Insurers, Nov. 13, 2012

• Use Of CreditWatch And Outlooks, Sept. 14, 2009

• 2008 Corporate Criteria: Rating Each Issue, April 15, 2008

Business And Financial Risk Matrix

Business Risk Profile

Financial Risk Profile

Minimal Modest Intermediate Significant Aggressive Highly leveraged

Excellent aaa/aa+ aa a+/a a- bbb bbb-/bb+

Strong aa/aa- a+/a a-/bbb+ bbb bb+ bb

Satisfactory a/a- bbb+ bbb/bbb- bbb-/bb+ bb b+

Fair bbb/bbb- bbb- bb+ bb bb- b

Weak bb+ bb+ bb bb- b+ b/b-

Vulnerable bb- bb- bb-/b+ b+ b b-

Ratings Detail (As Of March 22, 2017)

LafargeHolcim Ltd.

Corporate Credit Rating BBB/Stable/A-2

Senior Unsecured BBB

Corporate Credit Ratings History

22-Jan-2009 BBB/Stable/A-2

22-Dec-2008 BBB+/Negative/A-2


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Ratings Detail (As Of March 22, 2017) (cont.)

01-Apr-2005 BBB+/Stable/A-2

Related Entities

Holcim Capital (Corporation) Ltd.

Issuer Credit Rating BBB/Stable/A-2

Holcim European Finance Ltd.


Holcim Finance (Australia) Pty Ltd


Holcim Finance (Belgium) S.A.


Holcim Finance (Canada) Inc.


Holcim Finance (Luxembourg) S.A.


Holcim GB Finance Ltd.


Holcim Overseas Finance Ltd.


Holcim US Finance S.a r.l. & Cie S.C.S.


Holcim (U.S.) Inc.

Issuer Credit Rating BBB/Stable/--

LafargeHolcim Albion Finance Ltd.


LafargeHolcim Continental Finance Ltd.


LafargeHolcim Helvetia Finance Ltd.


LafargeHolcim International Finance Ltd.


LafargeHolcim Sterling Finance (Netherlands) B.V.


Lafarge North America Inc.


Lafarge S.A.


Commercial Paper

Local Currency A-2

Senior Unsecured BBB

Short-Term Debt A-2

*Unless otherwise noted, all ratings in this report are global scale ratings. S&P Global Ratings’ credit ratings on the global scale are comparable

across countries. S&P Global Ratings’ credit ratings on a national scale are relative to obligors or obligations within that specific country. Issue and

debt ratings could include debt guaranteed by another entity, and rated debt that an entity guarantees.


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Additional Contact:

Industrial Ratings Europe; [email protected]


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