Fitch affirms Costain Group

Fitch Ratings said it affirmed Costain Group plc's ratings at senior unsecured and short-term B. The outlook is stable.

Fitch said the ratings reflect Costain's established market position in the UK engineering and construction sector and the progress which management have made in adopting a more risk-averse business model.

Furthermore, Fitch said the group's growing forward order book provides a good platform for further growth underpinned by continued favorable market conditions in public and private sectors.

Nevertheless, Fitch said Costain remains small compared to often-larger peers and is active in cyclical and competitive markets, even if this is partly offset by longer-term contracts.

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