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Abengoa S.A. Dec 11
Standard & Poors, Dec 2011
Abstract
Satisfactory business mix and geographic diversification. Innovative engineering skills and proprietary technology. Strengthening positions in sectors with more stable and predictable sources of revenue. High leverage as a result of aggressive debt-financed expansion over the past few years. Largely immature project portfolio: we expect consolidated positive free cash flow only from about 2015. Relatively high reliance on self-sponsored projects, accounting for about one-quarter of total consolidated revenues. Exposure to certain commoditized businesses. Fairly complex corporate structure. The ratings on Abengoa S.A., a global engineering and construction (E&C), energy and environmental services group headquartered in Spain, reflect Standard & Poor's Ratings Services' assessment of its 'fair' business risk profile and 'highly leveraged' financial risk profile. Abengoa's financial risk profile is a...
Companies mentioned in this report are: Abengoa S.A.,Befesa Zinc S.A.U.,Zinc Capital S.A.
Action: Review
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
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