Ferrovial announced on Feb. 27, 2019, that it has classified its services division as held for sale, to refocus its strategy on transport and infrastructure. Although the scope of the disposal is clear, uncertainty remains as to how the transaction will unfold, the equity value of the assets sold as a whole or separately, the expected cash proceeds, and the group's capital structure post transaction. We are therefore placing our 'BBB/A-2' ratings on Ferrovial on CreditWatch developing, signaling that we could raise or lower the ratings by one or more notches. We aim to resolve the CreditWatch in the next three to six months, when asset sales have been completed, and as we have further information on group's capital structure
