Germany-based engineering and services company Bilfinger SE again lowered its earnings expectations and now anticipates a further decline of its underlying operating performance. We therefore expect lower credit metrics in 2015 and now assume that in 2016, the company will return to credit metrics that are at the low end of the "intermediate" financial risk profile category. As a result, we introduced a negative comparable rating analysis modifier and lowered the corporate credit rating on Bilfinger to 'BBB-/A-3' from 'BBB/A-2'. The outlook is negative, reflecting the risk of prolonged weakness in the group's operating performance that could lead to financial metrics no longer commensurate with a 'BBB-' rating, such as FFO to debt of more than 30%. We also take
