...The affirmation reflects Ferrovial, S.A.'s prudent balance-sheet management and healthy performance in the construction division in 2020, which helped mitigate the sharp decline in dividends from toll road and airport concessions due to the pandemic. Fitch Ratings views positively the healthy amount of readily available cash, which provides headroom for any periodic cash consumption. Fitch focuses its analysis of Ferrovial 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 concessions in line with its criteria....
