...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. 2014 new order intake at 30 September 2014 was lower than Fitch's expectations. However, gross debt was reduced by around EUR200m in 9M14, and Fitch expects FFO-adjusted net leverage to decrease to below 2.0x in 2015 from 2.9x in 2014. Strong Order Book: The solid...
