Long-term contractual cash flows. Internationally diversified revenue base. Strong competitive position in core services and construction businesses. Weaker business risk profile of construction operations, compared with services. Potential need to support struggling infrastructure projects. Exposure to the currently weak Spanish economy. The rating on Spain-based infrastructure group Ferrovial S.A. reflects Standard&Poor's Ratings Services' opinion of the group's "satisfactory" business risk profile and "significant" financial risk profile. The "satisfactory" business risk profile is supported by contractual cash flows generated by Ferrovial's services division and internationally diversified revenue base, and the strong competitive position of its core businesses. These factors are partially offset by our view that the group's construction business, which accounts for about one-third of parent company EBITDA,
