Role as leading European engineering and services provider, with a broad and integrated service offering. Relatively resilient operating performance. Broad customer base with long-term relationships. High earnings visibility given multi-year contracts and high renewal rates. Relatively low capital intensity and solid capital structure. Competitive and fragmented markets with relatively low operating margins, and limited price flexibility. Exposure to construction industry that we assess as having above average industry risk. Limited geographic diversity with large exposure to Europe. Relatively high-dividend payout and somewhat volatile free cash flow generation. The ratings on Germany-based engineering and services company Bilfinger SE reflect Standard&Poor's Ratings Services' view of the company's satisfactory business risk profile and modest financial risk profile. Supportive business risk factors
