Stable and recurrent revenues under long-term contracts in its global water-utility and waste-management operations, complemented by energy-services in Europe; A highly diversified business profile, both by business segment and geographically, with low exposure to emerging markets; Favorable industry dynamics, underpinned by a trend of increasing municipal and industrial outsourcing and greater environmental-protection regulations; and Leading market positions, which enable it to take advantage of market growth. A still-aggressive financial profile and acquisitive strategy, despite improved financial flexibility thanks to the forthcoming €1.5 billion capital increase; Exposure to early repayment obligations and limited financial flexibility (see "Financial flexibility and liquidity analysis," under "Financial Profile" heading); and A growth strategy focused on relatively higher-risk industrial services and international activities. The ratings reflect
