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S&P upgrades Ferrovial
Standard & Poor's said it raised the long-term corporate credit rating on Ferrovial SA to BBB from BBB-, along with the long-term corporate credit rating on its subsidiary, Ferrovial Emisiones SA, to BBB from BBB-.
The outlook is stable.
The agency also said it raised the rating on the €500 million bond issued by Ferrovial Emisiones to BBB from BBB-.
The upgrades reflect the strength of Ferrovial's financial ratios and significant cash balance, S&P said.
This, combined with Ferrovial's track record of conservative financial management, led to the revision of the company's financial risk profile upward to intermediate from significant, the agency said.
Ferrovial has managed its finances prudently over the past two years, S&P added.
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