The rating on Spain-based infrastructure group Ferrovial S.A. reflects Standard&Poor's Ratings Services' opinion of the group's "satisfactory" business risk profile and "significant" financial risk profile. The "satisfactory" business risk profile is supported by contractual cash flows generated by Ferrovial's services division and internationally diversified revenue base, and the strong competitive position of its core businesses. These factors are partially offset by our view that the group's construction business, which accounts for about one-third of parent company EBITDA, is weaker than the services business. The group is also exposed to the currently weak Spanish economy and its main customers include Spanish municipalities and the central government. The "significant" financial risk profile incorporates flexibility for Ferrovial to invest in new
