S&P affirms Abengoa

Standard & Poor's said it affirmed the B+ long-term corporate credit rating on Abengoa SA.

The outlook is stable.

The affirmation follows news that Abengoa will dispose of its IT subsidiary, Telvent Git and some transmission assets.

These disposals are consistent with the group's focused strategy on environmentally sustainable industries and its business objective of selling assets to recycle capital, S&P said.

Although the disposal proceeds slightly improve the group's liquidity as they are to be held as cash, the disposal of cash-generating assets with no corresponding paydown of debt results in a slight worsening of the group's financial profile in the short term, the agency said.

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