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, which is supported by the long-term contractual cash flows generated by its services division, its 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. In addition, there is a potential need for Ferrovial to support struggling infrastructure projects, and the group is also exposed to the currently weak Spanish economy. Our rating methodology centers on analytical consolidation rather than accounting consolidation. We take into account Ferrovial's
