S&P puts ACS on watch

S&P said it placed the BBB issuer rating for Actividades de Construccion y Servicios SA and its subsidiaries on CreditWatch with negative implications.

The placement follows ACS’ unit Cimic Group’s agreement to sell a 50% interest in Theiss.

“In our view, the disposal could reduce ACS' business scale and diversity, add complexity to the group structure and governance, and have implications for its adjusted credit metrics,” S&P said in a press release.

The agency said it aims to resolve the CreditWatch over the next few months after meeting with management and discussing the key terms of the transaction.

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