Fitch rates Abengoa BB

Fitch Ratings said it assigned Abengoa, SA a long-term issuer default rating and a senior unsecured rating of BB.

The outlook is stable.

The ratings are supported by Abengoa's diversity in terms of geography, industry and counterparties, in addition to its profitable and growing businesses, Fitch said.

Fitch said it acknowledged Abengoa's leading positions in the renewable energy arena, especially in thermal solar power, European recycling and biofuels, the agency said.

These strengths are partially mitigated by its high leverage given the large contribution of engineering and construction and biofuels businesses to corporate earnings and despite the healthy order back-log, Fitch said.

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