...Fitch Ratings has affirmed the Spanish construction, services and concessions operator Ferrovial S.A.'s Long-Term Issuer Default Rating (IDR) at 'BBB' and Short-Term IDR at 'F3'. The Outlook on the Long-term IDR is Stable. Fitch has also affirmed Ferrovial S.A.'s and Ferrovial Emisiones S.A.'s 'BBB' senior unsecured ratings. The affirmation is based on a strong and diverse business profile across the construction, services and infrastructure sectors. At year-end 2016, the company's gross leverage exceeded Fitch's negative guidance, owing to the acquisition of Australian services provider, Broadspectrum. Fitch expects leverage to fall over the next 18-24 months in the absence of any additional material acquisitions. Fitch focuses its analysis on the recourse perimeter, adjusting leverage calculations to reflect the ring-fenced nature of the concession business by excluding related funds from operations (FFO) and non-recourse debt, but including sustainable dividends from the non-recourse...
