Ferrovial S.A. announced it had acquired ownership of Australia-based Broadspectrum. At the same time, Ferrovial's operating performance has been resilient and in line with our expectations. Ferrovial's credit ratios remain strong for the rating, even after factoring in the Broadspectrum acquisition. We are therefore affirming our 'BBB/A-2' ratings on Ferrovial. The outlook is stable, reflecting our view that Ferrovial's financial risk profile still has significant headroom for operational underperformance or acquisitions. On May 16, 2016, S&P Global Ratings affirmed its 'BBB' long-term and 'A-2' short-term corporate credit ratings on Spanish services and construction company Ferrovial S.A. The outlook is stable. At the same time we affirmed our 'BBB' rating on core subsidiary Ferrovial Emissiones S.A. and our 'BBB' issue ratings
