Fitch ups Obrascon Huarte Lain, then withdraws ratings

Fitch Ratings said it upgraded Obrascon Huarte Lain SA's long-term issuer default rating to CCC+ from RD (Restricted Default) and short-term IDR to C from RD. All ratings have simultaneously been withdrawn.

“The upgrade reflects our assessment of OHLA's post-restructuring capital structure and business profile following the engineering and construction (E&C) company's recent debt restructuring. Its debt exchange has improved its liquidity profile, mainly due to a three-year extension of maturities and over €105 million reduction in debt principal,” Fitch said in a news release.

The rating is constrained by a weak financial profile due to high leverage and challenged, albeit improving, profitability, the agency said.

The ratings have been withdrawn for commercial reasons, Fitch said.

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