Supportive market trends, a large backlog of orders, and lower interest expenses should enable Italy-based construction company Salini Impregilo to achieve stronger credit ratios than we had previously expected. We are therefore raising our long-term corporate credit rating on Salini Impregilo to 'BB+' from 'BB'. The stable outlook reflects our view that the company will maintain adjusted funds from operations (FFO) to debt of more than 45% because of the favorable operating environment and a large order backlog. On June 24, 2015, Standard&Poor's Ratings Services raised its long-term corporate credit rating on Italy-based construction company Salini Impregilo SpA to 'BB+' from 'BB'. The outlook is stable. At the same time, we revised our issue rating on Salini Impregilo's
