S&P lifts Abengoa to positive

Standard & Poor's said it revised the outlook on Abengoa SA to positive from negative.

The agency also said it affirmed the B long- and short-term corporate credit ratings on the company.

The outlook revision reflects an understanding that Abengoa recently registered a yield company with the U.S. Securities and Exchange Commission, S&P said, and that the company plans to reduce its capital expenditures to about €450 million compared with about €1.2 billion in corporate capital spending in the past.

S&P said it expects Abengoa will keep only minority stakes in concessions assets.

Overall, the agency said it thinks these steps could lead to a meaningful reduction of debt on the balance sheet.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.