...Outlook Revision: Fitch Ratings revised the Rating Outlook to Stable from Positive in December 2014. This action mainly reflects the expected increase in leverage, with net adjusted leverage around 4.2x and 3.8x in 2014 and 2015, compared to previous expectations of around 3.4x and 3.5x in 2014 and 2015, respectively. Astaldi S.p.A. has continued to report positive operating results, although challenged by working-capital outflows and a cash drain from investing in off-balance-sheet non-recourse concession projects. Large Working-Capital Requirements: Astaldi's financial profile is negatively influenced by the fact the company has to fund most of its working-capital requirements as advanced payments are not usual practice in some of its core markets (Italy and Poland). On the other hand, Fitch perceives less risks in Astaldi's construction business profile as a sharp fall in new orders in Italy should not dramatically affect the liquidity profile of the company. Manageable Exposure to Russia:...
