Moody’s upgrades Obrascon Huarte

Moody's Investors Service said it upgraded Obrascon Huarte Lain SA’s to B3 from Caa1 the corporate family rating, probability of default rating to B3-PD from Caa1-PD and the ratings on the senior unsecured instruments to B3 from Caa1.

The ratings remain on review for further upgrade.

Moody’s said the action follows Obrascon’s Dec. 1 announcement of a finalized Share Purchase Agreement (SPA) with IFM Global Infrastructure Fund (IFM) to acquire 100% of its stake in OHL Concesiones, SAU. This follows the group's Oct. 16 announcement of a binding offer received by IFM for the acquisition of OHL Concesiones for an enterprise value of €2.775 billion, subject to certain customary closing adjustments.

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