Sizable and growing backlog, which provides good earnings visibility. Good track record of bid awards and leading position in project consortiums. Exposure to the cyclical, low-margin construction business. Substantial exposure to high-risk regions, such as the Middle East and Africa. Credit ratios providing flexibility at the current rating level. Supportive financial policy framework. Limited free operating cash flow (FOCF) generation. The stable outlook reflects Standard&Poor's Ratings Services' view that Italy-based construction and engineering company Salini Impregilo SpA will gradually increase its adjusted EBITDA and maintain an adjusted funds from operations (FFO)-to-debt ratio in the 20%-30% range over the next 12 months. Under our base-case scenario, we forecast that the group will post organic revenue growth of more than
