Fitch downgrades Isolux, debt to B-

Fitch Ratings said it downgraded Grupo Isolux Corsan, SA's long-term issuer default rating to B- from B and its senior unsecured debt rating to B-/RR4 from B/RR4.

The agency maintained the issuer default rating and senior unsecured debt ratings, including that on Grupo Isolux Corsan Finance BV's €850 million guaranteed bond, on Rating Watch Negative.

Fitch said the actions reflect delays in receiving disposal proceeds (no announcement of completion of disposals yet), a tightening in liquidity as the group operates through 1Q and 2Q, which historically have been periods of working-capital outflow, and the likely rating of the remaining E&C-weighted group after planned debt reduction.

The agency expects to resolve the watch when the group's liquidity profile becomes more robust.

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