Fitch affirms Obrascon Huarte Lain

Fitch Ratings said it affirmed Obrascon Huarte Lain SA's long-term issuer default rating and senior unsecured rating at BB-, along with its short-term rating at B.

The outlook is negative.

The action reflects news of the company's €199.5 million underwritten share issue, which will be used initially to repay recourse debt at the parent company level.

Fitch said it believes that the company, on a deconsolidated basis, will remain over-leveraged even after the share issue is completed.

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