The financial ratios of Spain-based infrastructure group Ferrovial S.A. are strong for the rating thanks to Ferrovial's net cash position. We have revised our assessment of Ferrovial's financial risk profile upward to "intermediate" from "significant" to reflect the strength of Ferrovial's financial ratios and its track record of conservative financial management. We are therefore raising our long-term corporate credit ratings on Ferrovial and its subsidiary Ferrovial Emisiones S.A. to 'BBB' from 'BBB-'. The stable outlook reflects our view that Ferrovial will maintain financial ratios consistent with its "intermediate" financial risk profile despite the investments and reduction in profitability we anticipate in its Spanish operations. LONDON (Standard&Poor's) May 9, 2013--Standard&Poor's Ratings Services said today that it raised
