...Positive Business Strategy: The integration of Salini and Impregilo into a newly formed listed entity with combined revenues of EUR3.9bn for 2013 provides the scale and know-how to compete on worldwide large projects. Fitch Ratings views the operating business profile as commensurate with a solid 'BB' category engineering and construction company. During 1H14, Salini Impregilo S.p.a. completed a capital increase, with its parent company Salini Costruttori decreasing its stake to 62% from 89% with an unwinding of inter-company loans. Sound Deleveraging Profile: Fitch expects further deleveraging in 2014 and 2015, driven by a combination of EBITDA growth from the existing backlog and from transactions already executed during 2014. During 1H14, Salini completed a capital increase with a EUR165m cash injection, and received a further EUR100m in divestment proceeds and a cash inflow of EUR148 from the repayment of inter-company loans with parent Salini Costruttori. Fitch expects FFO-adjusted...
