Long-term contractual cash flows support Ferrovial's services business. Internationally diversified revenue base. Strong competitive position in its core services and construction businesses. Ferrovial's Spanish operations are suffering from weak economic conditions. Financial policy of debt to EBITDA peaking at 2x debt to EBITDA (unadjusted). Significant headroom for acquisitions and extraordinary dividends. Strong liquidity. The stable outlook reflects our view that Ferrovial will maintain adjusted debt to EBITDA of less than 2.5x based on our analytical consolidation, despite the investments and reduction in profitability we anticipate in its Spanish operations. We also think it likely that the group will maintain its "satisfactory" business risk profile, as defined under our criteria. The outlook also reflects our view that we could continue to
