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Abengoa S.A.
Standard & Poors, Oct 2010
Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress Credit Research lets users determine the credit rating of holdings and identify key factors underlying an issuer's creditworthiness, distinguishes the different risk exposures for new and existing deals, and provides an understanding of how their analysts interpret key regulatory, political and environmental events and their economic impact.
Research Type: Full Analysis
Abstract
Satisfactory business mix. Innovative engineering skills and proprietary technology. Growing positions in sectors with more stable and predictable sources of revenue. Aggressive financial policy. Reliance on self-sponsored projects. Tight cash flow protection measures. Exposure to some low margin and commoditized businesses. Fairly complex corporate structure. The ratings on Abengoa S.A., a global engineering and construction (E&C), technology, and energy group headquartered in Spain, reflect Standard & Poor's Ratings Services' assessment of its fair business risk profile and aggressive financial risk profile. In our view, the group is reliant on self-sponsored, mostly majority-owned projects for about one-half of the revenues of its largest division, E&C. This division generated 45% of consolidated group EBITDA in 2009, along with the bulk of the...
Companies mentioned in this report are: Abengoa S.A.
Action: Review
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