Moody's gives Obrascon Huarte Lain notes Ba1

Moody's Investors Service said it affirmed the Ba1 corporate family rating and probability of default rating of Obrascon Huarte Lain SA, and assigned a provisional Ba1 rating to the proposed new senior unsecured notes. The rating is contingent upon receipt of final documents.

The outlook remains negative.

The ratings continues to take into account the company's portfolio of businesses, through which it balances cyclical construction activities with more predictable concession-generated revenues and its gradually decreasing exposure to the Spanish economy, with its involvement in international construction projects and a growing portfolio of Latin American infrastructure assets, Moody's said.

The ratings also factor in the potential for volatility in the cyclical construction industry and the challenges the company faces in controlling its expanding international activities, the agency said.

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