Spain-Based Infrastructure Group Ferrovial Affirmed At 'BBB'; 'A-2' Short-Term Rating Assigned; Outlook Stable

Ferrovial performed above our expectations in 2014 and has continued to perform well in the first quarter of 2015. Its credit ratios remain strong for the rating, but we anticipate potential for weaker credit metrics if the company is successful in acquiring additional assets. We are therefore affirming our 'BBB' long-term rating on the company and assigning an 'A-2' short-term rating. The outlook is stable, reflecting our view that Ferrovial's financial risk profile has significant headroom for operational underperformance or acquisitions. MILAN (Standard&Poor's) May 22, 2015--Standard&Poor's Ratings Services today affirmed its 'BBB' long-term corporate credit rating on Spain-based infrastructure group Ferrovial S.A. The outlook is stable. At the same time, we assigned our 'A-2' short-term corporate

...+ Ferrovial performed above our expectations in 2014 and has continued to perform well in the first quarter of 2015. + Its credit ratios remain strong for the rating, but we anticipate potential for weaker credit metrics if the company is successful in acquiring additional assets. + We are therefore affirming our '###' long-term rating on the company and assigning an 'A-2' short-term rating. + The outlook is stable, reflecting our view that Ferrovial's financial risk profile has significant headroom for operational underperformance or acquisitions. MILAN (Standard & Poor's) May 22, 2015--Standard & Poor's Ratings Services today affirmed its '###' long-term corporate credit rating on Spain-based infrastructure group Ferrovial S.A. The outlook is stable. At the same time, we assigned our 'A-2' short-term corporate credit rating to Ferrovial and affirmed all issue ratings on Ferrovial's subsidiary Ferrovial Emissiones S.A. Our affirmation follows Ferrovial's strong performance in the last...

Ratings Action