We expect that Germany-based engineering and services company Bilfinger's liquidity sources will exceed uses by at least 1.5x over the next 12 months and at least 1x over the subsequent 12 months. Consequently, we have revised our assessment of the group's liquidity upward to strong from adequate. We are affirming our 'BB+/B' ratings on Bilfinger. The negative outlook on Bilfinger reflects our uncertainty about the magnitude of the group's earnings decline following its recent cut in earnings guidance, including implications for the group's financial risk profile, and regarding the time and final terms of the planned exit from Power Services. On July 17, 2015, Standard&Poor's Ratings Services affirmed its 'BB+/B' long- and short-term corporate credit ratings on Germany-based
