Strong competitive position in core services and construction businesses. Internationally diversified revenue base. Long-term contractual cash flows in the services, supporting the group's business risk profile. Exposure to the cyclical construction industry that increases potential earnings volatility over economic cycles. High standing in credit markets and solid perceived financial stability. Weighted average adjusted funds from operations to debt comfortably above 60% in our base case, which provides wide headroom under the current ratings. Marginal weakening in credit ratios in our base case, due to investment cash flow. Exceptional liquidity, reflecting a sizable cash position at the corporate level. The stable outlook on Spain-based infrastructure and service group Ferrovial S.A. reflects S&P Global Ratings' view that the group will maintain adjusted
