Bulletin: Ferrovial's Credit Metrics Can Absorb Intended Reverse Merger And Associated Separation Rights

This report does not constitute a rating action. Paris(S&P Global Ratings) March 2, 2023--S&P Global Ratings today said that Ferrovial S.A. (BBB/Stable/A-2) should be able to pursue a reverse merger with its Dutch subsidiary without distorting its creditworthiness. We project that the associated costs from the operation will only mildly affects the group?s credit metrics, leaving the ratings and outlook on Ferrovial intact. On February 28, Ferrovial announced its plan for its wholly owned Dutch subsidiary Ferrovial International SE (FISE) to become the holding company of the group, implying a change in corporate domicile from Spain to the Netherlands. Ferrovial also intends to have a dual listing in the Netherlands and Spain, followed at a later stage by a listing

...Paris(S&P Global Ratings) March 2, 2023--S&P Global Ratings today said that Ferrovial S.A. (###/Stable/A-2) should be able to pursue a reverse merger with its Dutch subsidiary without distorting its creditworthiness. We project that the associated costs from the operation will only mildly affects the group's credit metrics, leaving the ratings and outlook on Ferrovial intact. On February 28, Ferrovial announced its plan for its wholly owned Dutch subsidiary Ferrovial International SE (FISE) to become the holding company of the group, implying a change in corporate domicile from Spain to the Netherlands. Ferrovial also intends to have a dual listing in the Netherlands and Spain, followed at a later stage by a listing in the U.S. The group does not expect any impact on the business and strategy, nor on its organization and operations. We note that the operations and projects in Spain are already limited. We believe that Ferrovial's credit metrics have enough headroom to absorb the costs associated...

Bulletin