...Supportive Recent Disposals: Obrascon Huarte Lain SA (OHL) has received a total amount of EUR936m from its two asset disposals in 2014. A significant part of the cash received has been used to repay back the 7.375% bond which was due in April 2015 (EUR524m). The rest of the proceeds have largely been used to prepay around EUR277m of the EUR1.2bn margin call loan (non-recourse debt) at OHL Concesiones. The transactions illustrate the company's strong commitment to keep net recourse leverage below 3x. Decreasing Headroom: OHL's operating performance declined in 2014 with construction EBITDA falling around 9.4% on a like-for-like basis in 9M14 with a large number of international projects still in ramp-up stage. Fitch Ratings' expectations for 2015 include a low single-digit EBITDA increase mainly driven by OHL's international activity, and adjusted net leverage around 3.5x in 2015 and 2016 (compared to our previous expectations of around 3x). Working Capital Drains Cash: OHL's working-capital...
