Salini Impregilo intends to launch a new bond of up to €500 million to partly refinance its €400 million bond maturing in 2018 and repay debt used to finance its acquisition of Lane Industries in January this year. Salini's operating performance in 2015 was approximately in line with our expectations and we forecast resilient results and stronger leverage metrics over the next few years, owing to solid demand and a large order backlog. We are therefore affirming our 'BB+' ratings on Salini and assigning our 'BB+' rating to the proposed bond, with a recovery rating of '4'. The stable outlook reflects our view that Salini's adjusted funds from operations to debt will rapidly recover in 2017 to comfortably above 30%,
