- Language: English
- Published: March 2012
Summary: Ferrovial S.A. Aug 11
- Published: August 2011
- Standard & Poors
The rating on Spain-based infrastructure group Ferrovial S.A. reflects Standard & Poor's Ratings Services' opinion of the group's satisfactory business risk profile, which is supported by the long-term contractual cash flows generated by its services division, its internationally diversified revenue base, and the strong competitive position of its core businesses. These factors are partially offset by our view that the group's construction business, which accounts for about one-third of parent company EBITDA, is weaker than the services business. In addition, there is a potential need for Ferrovial to support struggling infrastructure projects, and the group is also exposed to the currently weak Spanish economy. Our rating methodology centers on analytical consolidation rather than accounting consolidation. We take into account Ferrovial's...
Companies mentioned in this report are: Ferrovial S.A.
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.
This product consists of a Summary Analysis: Bi-annual (at least). An abbreviated analysis containing Standard & Poor's issuer credit ratings as of the time the article was published. The analysis includes a rating rationale - the basis on which the rating was assigned - and an outlook section if the issuer is not on CreditWatch. Financial statistics are not included.
SHOW LESS READ MORE >