PARIS (S&P Global Ratings) June 10, 2022--S&P Global Ratings today said that Ferrovial S.A.'s acquisition of a stake in New Terminal One, the consortium that will design, construct, and operate the New Terminal One at John F. Kennedy (JFK) International Airport aligns with the company's Horizon 24 strategy and has no immediate effects on our ratings. This is due to the material rating headroom given the company's strong balance sheet and net cash position (after deconsolidating the nonrecourse debt within its project-financed subsidiaries). Under the agreement, announced on June 6, 2022, Ferrovial (BBB/Stable/A-2) will acquire 96% of the Carlyle Global Infrastructure Fund's 51% stake in New Terminal One held via investment vehicle Mars LLC, and has committed to inject equity
