Bologna, March 29, 2018

CRIF Ratings Affirms ACS S.A.’s ‘BB+’ unsolicited LT Issuer Rating, Outlook Positive

CRIF Ratings has affirmed Actividades de Construcción y Servicios, S.A.s’ (or “ACS”) unsolicited Long Term Issuer Rating of ‘BB+’, following ACS’ announcement of a joint bid with the Italian toll road operator Atlantia Spa to acquire the control the Spanish infrastructure group Abertis SA. The Outlook remains Positive.

As a result of the new announced deal structure ACS will control around 50.2% of Hochtief, its German construction subsidiary; should the deal be completed as announced CRIF will de-consolidate Hochtief from ACS’ rating perimeter. This M&A transaction will have a significant impact on both the Group’s business and financial risk as further explained below.

The Positive Outlook reflects the potential benefits from this transaction on ACS’ rating, driven by the expected contribution of a more stable stream of cash flow from the dividends that Abertis generates and by the de-consolidation of the debt linked to the funding of the M&A transaction as well as Hochtief’s debt, from the rating perimeter.

Read ACS' rating.