...Profile Improved: Ferrovial, S.A. has improved its operating risk profile, enhanced its debt structure and continued to expand its business internationally. The business mix is shifting towards the more stable services segment and away from construction, while growth from international markets has more than offset the group's declining exposure to Spain, expected to be less than 20% of funds from operations (FFO) over the next three years. Ferrovial was upgraded to `BBB'/Stable in July 2014. Investment Cycle Reversal: Ferrovial is increasing its investment appetite as previously expected by Fitch Ratings. The public offer to acquire a stake in AENA from the Spanish state is a clear example, though this is subject to the final pricing conditions of the IPO for AENA. Fitch expects management to retain its minority stakes in Heathrow and ETR407. Solid Geographic Diversification: Ferrovial's construction and services operations are broadly diversified across the UK, US, and Spain. Ferrovial...
