We recently placed the 'BBB/A-2' ratings on CIMIC's immediate Germany-based parent HOCHTIEF AG and its ultimate Spain-based parent ACS on negative outlook. We continue to consider CIMIC to be a core subsidiary of Hochtief and ACS. As a result, we are revising the outlook on CIMIC to negative from stable, in line with our outlook change on Hochtief and ACS. At the same time, we are affirming the long-term and short-term issuer credit ratings on CIMIC at 'BBB/A-2'. On Oct. 24, 2017, S&P Global Ratings revised the outlook to negative from stable on CIMIC Group Ltd., an Australian engineering and construction (E&C) company. At the same time, we affirmed the long- and short-term corporate credit ratings of 'BBB/A-2' on the
