...Aenza S.A.A.'s (Aenza) Negative Outlook reflects its weak performance in 2024, with the company reporting a material reduction in the engineering & construction (E&C) backlog and an increase in Fitch Ratings-based net leverage. Aenza faces the challenge of recovering its E&C backlog and credit metrics in 2025 to maintain its current rating category. However, ratings are supported by the cash flow visibility from mature infrastructure concessions like toll roads and a subway line, the expected growth in oil & gas (O&G) production, and strong liquidity. Shareholders' commitment through a USD55million capital increase last December was crucial to avoiding a downgrade....
