Fitch affirms Downer EDI

Fitch Ratings said it affirmed Downer EDI Ltd.'s long-term issuer default rating and senior unsecured rating at BBB.

The outlook is stable.

“The affirmation reflects Downer's strong work-in-hand (WIH), which remains supported by the Australia-based company's increasing infrastructure exposure in its legacy businesses and the successful integration of Spotless Group Ltd.'s business to date,” the agency said in a news release.

“Downer's financial profile has improved after the Spotless acquisition and despite the underperforming contract at the Royal Adelaide Hospital identified in the financial year ended June 30, 2018 (FY18).”

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