Germany-based engineering and service company Bilfinger is facing depressed business prospects in its Power Services segment. Uncertainties have also increased in its Industrial Services division, where it might suffer from weakening demand from oil and gas customers owing to the falling oil price. The currently weak operating trends have caused Bilfinger's credit metrics to deteriorate, and we believe it is unlikely that Bilfinger will achieve credit metrics commensurate with a "modest" financial risk profile over 2015-2017. We are therefore lowering our long-term rating on Bilfinger to 'BBB' from 'BBB+' and affirming the 'A-2' short-term rating. The negative outlook reflects our view that prolonged weakness in some of Bilfinger's end markets could put continued pressure on its profitability and cause protracted
