...Increase in Leverage: Obrascon Huarte Lain SA (OHL)'s recourse leverage rose to 2.8x at end-2013 from 1.6x a year earlier. Recourse net debt rose EUR320m to EUR908m mainly due to the EUR436m repayment made to OHL Concesiones for the acquisition by the latter of an additional 8.69% of Abertis. Recourse Business Stable: OHL has diversified away from developed countries, and as of December 2013 foreign activity accounted for 82% of total construction turnover. The construction business registered an EBITDA of EUR251m despite a 2.5% fall in revenue, mainly due to a reduction in Spain, Fitch Ratings expects no major changes will occur in 2014, leading to operating results substantially in line with the previous year. Balanced Geographic Diversification: 85% of the 2013 order book and 92% of EBITDA were derived from outside Spain. The group construction order book was EUR9.1bn at end-June 2014, with a significant part from major international contracts. However, risks lie in the execution of...
