Long-term contractual cash flows in Ferrovial's services business support the group's business risk profile. Internationally diversified revenue base. Strong competitive position in its core services and construction businesses. Exposure to the cyclical construction industry increases potential earnings volatility over economic cycles. Weighted average adjusted funds from operations (FFO) to debt above 100% in our base case. Weakening trend for some credit ratios in our base case due to dividends and acquisitions. Financial ratios, however, continue to be strong for the rating. The stable outlook reflects Standard&Poor's Ratings Services' view that Ferrovial S.A. will maintain adjusted FFO to debt of more than 30% over the next two years, despite likely continued investment in organic growth and opportunistic acquisitions. The
