We recently revised the rating outlook on CIMIC's immediate Germany-based parent Hochtief AG and its ultimate Spain-based parent ACS to stable from negative, after ACS and competitor Atlantia agreed to jointly acquire Spanish toll-road operator Abertis. 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 stable from negative, in line with our outlook revision 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 May 16, 2018, S&P Global Ratings revised the outlook to stable from negative on CIMIC Group Ltd., an Australian engineering and construction (E&C) company. At the same
