...The affirmation of Ferrovial S.A.'s rating in March 2020 reflects its healthy concession activities, prudent balance-sheet management and continued strong business profile following the planned sale of the services division. The construction division remains under pressure from loss-making projects in the US coupled with an unfavourable competitive environment across key markets. Fitch Ratings views positively expected high dividends from key infrastructure assets and the healthy amount of readily available cash providing headroom for any periodic cash consumption. This is despite our stressed assumptions driven by the coronavirus outbreak, which could have a negative impact on assets such as Heathrow Airport. Fitch focuses its analysis of Ferrovial on the recourse perimeter, adjusting leve rage 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...
