Fitch upgrades Vinci

Fitch Ratings said it upgraded Vinci SA's long-term issuer default rating and senior unsecured rating to A- from BBB+.

The outlook is stable.

The upgrade reflects the revised view of Vinci's internal cash flows and liquidity management, Fitch said.

The ratings are supported by the resilient business profile of Vinci based on stable recurring cash flows from its concession assets with long maturity, conservative financial policies, strong contracting backlog, strong contract risk management and diversified project portfolio, the agency said.

Vinci has achieved consistently positive post-dividend free cash flow, which supports its financial profile, Fitch said.

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