...+ We expect Bilfinger will continue to post negative free operating cash flow in 2018 because of slower-than-anticipated progress in the group's turnaround process. + The share buy-back program, of which about 110 million is still to be executed this year, keeps eating into the group's cash balances, which we expect to shrink by about 200 million. + The delayed recovery in profitability and cash generation, together with cash outflows for shareholder remuneration, have undermined the development of the group's key credit metrics, which we now expect to be lower than we previously anticipated by the end of 2019. + We are therefore lowering our long-term issuer credit rating on Bilfinger to '##' from '##+'. + We acknowledge that the group has executed several structural measures to reduce its cost base and to improve profitability, and has streamlined its structure to enable a unified global product and service offering. + The stable outlook reflects our expectations that the group will be...
