Moody's: Obrascon notes Ba2

Moody's Investors Service said it affirmed the Ba2 corporate family and probability of default ratings of Obrascon Huarte Lain SA, as well as its existing senior unsecured instrument ratings.

The agency also said it assigned a provisional Ba2 (LGD 3) rating to the proposed new €500 million senior unsecured notes.

The outlook remains negative.

The proposed bond issuance will be used to refinance the company's €422 million bond due in 2012, thereby improving its debt maturity profile, Moody's said.

The ratings reflect the senior unsecured status and pari passu ranking with a large majority of the company's existing and future obligations, the agency said.

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