S&P changes Vinci to positive

S&P said it revised its outlook on Vinci SA to positive from stable and affirmed the A-/A-2 long- and short-term issuer credit ratings.

At the same time, the agency affirmed the issue rating on the group's senior unsecured debt at A-.

S&P said the positive outlook reflects a forecast that Vinci will continue to generate strong operating cash flows.

“In 2017, these exceeded our expectations,” the agency said in a news release.

“This was due to a strong increase in passenger volumes at Vinci's airports (up 12.4%), traffic at French toll roads growing by 1.7% (including 4.3% traffic in heavy-vehicles, now back to pre-crisis levels), and growing margins and order book in the construction and energy contracting segments.”

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