Fitch rates Isolux Corsan notes B+/RR4

Fitch Ratings said it assigned B+ ratings to Grupo Isolux Corsan, SA long-term issuer default rating and senior unsecured ratings.

The agency also assigned a short-term issuer default rating of B to the company.

The outlook is stable.

In addition, Fitch assigned a B+ senior unsecured rating to subsidiary Grupo Isolux Corsan Finance BV and an expected B+(EXP)/RR4 to its prospective €400 million senior unsecured notes.

The expected rating on the €400 million notes reflects sound recovery prospects, underpinned by the concession portfolio and limited structural subordination with the majority of senior unsecured bank debt ranking pari passu, the agency said.

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