Long-term contractual cash flows in Ferrovial's services business support the group's business risk profile. Internationally diversified revenue base. Strong competitive position in its core services and construction businesses. Exposure to the cyclical construction industry increases potential earnings volatility over economic cycles. Adjusted funds from operations (FFO) to debt above 45% in our base case. Weakening trend for credit ratios in our base case due to dividends and acquisitions. Financial ratios, however, continue to be strong for the rating. The stable outlook reflects our view that Ferrovial will maintain adjusted FFO to debt of more than 30% over the next two years, despite our view that Ferrovial will continue to invest in organic growth as well as make opportunistic acquisitions. The
