Fitch: Abengoa unchanged

Fitch Ratings said Abengoa SA's (BB/stable) ratings are unaffected by the company's recent announcement that it plans to dispose of its 40% equity stake in Telvent GIT and various stakes in some of its electricity transmission concessions in Brazil.

The disposals will reduce Abengoa's adjusted corporate leverage to a level commensurate with its current rating, the agency said. The expected sale proceeds and the de-consolidation of related net debt should result in a reduction in the company's leverage by around one turn, despite some reduction of corporate EBITDA and dividend income.

The company's liquidity is expected to improve when the transactions close in Q311, the agency added.

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