Fitch rates Obrascon bond BB-

Fitch Ratings said it assigned Obrascon Huarte Lain's prospective €500 million seven-year unsecured bond an expected BB- rating.

The expected rating is in line with the company's senior unsecured BB- rating. Its issuer default rating is BB- with a negative outlook.

The bond will be used to refinance up to €421.6 million of the existing 2012 bonds, with the remainder being used to pay down part of the bilateral debt drawdown, Fitch said.

The new bond is mildly positive for the ratings, extending existing bond debt maturities by five years, the agency said.

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