Fitch affirms Abengoa

Fitch Ratings said it affirmed Abengoa, SA's long-term issuer default rating and senior unsecured rating at BB.

The outlook is stable.

Abengoa's diversification in terms of geography, industry and counterparties remains a key rating driver, Fitch said, as well as its leading positions in the renewable energy field.

This is further supported by its integrated business model between engineering and construction and its solar, biofuels, transmission, water and recycling businesses, the agency said.

The ratings are constrained by its relatively high leverage, given the large contribution of engineering, construction and biofuels to corporate earnings, Fitch said.

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