Internationally diversified revenue base. Strong competitive position in its core services and construction businesses. Long-term contractual cash flows in Ferrovial's services business support the group's business risk profile. Exposure to the cyclical construction industry increasing potential earnings volatility over economic cycles. High standing in credit markets and solid perceived financial stability underpinned by net cash position. Weighted average adjusted funds from operations (FFO) to debt comfortably above 60% in our base case, which provides headroom for the current ratings. Weakening trend for credit ratios in our base case, due to the Broadspectrum acquisition and comparatively higher investment cash flow. Exceptional liquidity. The stable outlook on Spanish-based infrastructure and service group Ferrovial S.A. reflects S&P Global Ratings' view that Ferrovial will
