Fitch changes Obrascon view to stable

Fitch Ratings said it revised Obrascon Huarte Lain SA's outlook to stable from negative, while affirming the long-term issuer default rating at B+.

The revision of the outlook reflects the disposal of the company’s concesiones business, which allows Obrascon to use the proceeds to reduce its gross debt quantum and simultaneously simplify the group structure considerably as a result, the agency said.

Its legacy projects, which had been contributing to EBITDA losses, have largely been resolved and Fitch said it expects Obrascon to return to positive EBITDA by 2019.

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