Germany-based engineering and services company Bilfinger has again lowered its earnings expectations and recently announced its intention to sell its Power Services business. Bilfinger already had limited rating headroom at the 'BBB-' level, and we now foresee weaker earnings and credit metrics over 2015-2017. We are therefore lowering our ratings on Bilfinger to 'BB+/B' from 'BBB-/A-3'. The negative outlook on Bilfinger reflects our uncertainty about the magnitude of the earnings decline, including its implications for the group's financial risk profile, and regarding the time and final terms of the planned exit from Power Services. On June 26, 2015, Standard&Poor's Ratings Services lowered its long- and short-term corporate credit ratings on Germany-based engineering and services group Bilfinger SE to
