In March, Bilfinger SE reported a €510 million net cash position as of fiscal year ended Dec. 31, 2016, after it sold building and facility services to EQT, and we now regard its liquidity as strong. The group also announced its new organizational structure and strategic plan through 2020, with measures in place to boost organic growth and reduce functional costs. We are affirming our 'BB+/B' ratings on Bilfinger, and our 'BB+' rating on the group's debt. The stable outlook reflects our expectations that the group will execute on its transformation plan, achieve positive EBITDA in 2017, and maintain its net cash position, ensuring strong liquidity and supporting stronger key credit ratios over the next 12 months. On May 3,
