Italian construction company Salini Impregilo recently published its 2019 annual results, and posted operating cash flows that were weaker than our expectations. The COVID-19 epidemic increases uncertainty on projects' operations and working capital performance in 2020. We are therefore putting our 'BB-' ratings on Salini Impregilo on CreditWatch with negative implications. We aim to resolve the CreditWatch in the coming months, once we have more visibility on Salini Impregilo's working capital path--including the company's ability to collect delayed payments--and on COVID-19's effect on the company's operations. We aim to resolve the CreditWatch in the coming months once we have more visibility on Salini Impregilo's working capital path--including the company's ability to collect delayed payments--and on COVID-19's effect on the company's
