We recently assigned 'BBB/A-2' ratings with a stable outlook to CIMIC's immediate Germany-based parent HOCHTIEF AG and its ultimate Spain-based parent ACS, Actividades de Construcción y Servicios S.A. We now consider CIMIC to be a core subsidiary, and expect that it will continue to contribute the majority of its earnings to Hochtief, which in turn represents the majority of ACS group's operating cash flow. As a result, we are raising the long-term and short-term issuer credit ratings on CIMIC to 'BBB/A-2' from 'BBB-/A-3', in line with our ratings on Hochtief and ACS. The outlook on the CIMIC ratings is stable, reflecting that on ACS. The stable outlook on ACS reflects our view that over 2017 to 2018, ACS will further
