...Solid Recourse Business: Ferrovial, S.A.'s recourse business ¡ Fitch's rating perimeter ¡ is healthy, with 2014 revenue and margin growth resulting from the performance of the services division (up 16.5% in revenues and 13.7% EBITDA, like-for-like yearly basis). Despite a slight decrease in revenues in construction (1.0% like for like), the division's margins in 2014 were aligned with the previous year (0.2% EBITDA). The positive momentum was confirmed in 1H15 by double-digit revenue growth (13.9%). Robust Backlog: At end-June 2015, the backlog of the construction and services divisions peaked at over EUR30bn, reaching EUR7.7bn and EUR23.8bn, respectively. Fitch views positively the order book split skewed towards the services business, which typically has more predictable and stable revenues, and higher margins. More than 70% of the combined backlog is abroad in low-risk countries such as the US and UK, reflecting management's reluctance to bid for risky projects. Services Strengthening...
