Overview Key strengths Key risks Strong expertise in engineering complex infrastructure projects, such as bridges, dams, metros, roads, and railways. Smaller scale than other rated peers. Leading market position in Italy and increasing presence in North America and Australia. Exposure to the cyclical, low-margin construction business. Positive prospects in the U.S. and Western Europe infrastructure markets. Numerous litigations and potential adverse court ruling could affect credit metrics. Solid construction backlog, which covers most targeted revenues for 2022-2024. We understand that most of Webuild's foreign contracts are drawn up in accordance with the standards of the International Federation of Consulting Engineers (FIDIC), which provide risk mitigation clauses including risks related to changes in the cost of works due to increases in
