Fitch ups Obrascon Huarte to stable

Fitch Ratings said it revised Obrascon Huarte Lain's outlook to stable from negative and affirmed its senior rating and long-term issuer default rating at BB- and short-term issuer default rating at B.

The financial structure of Obrascon Huarte's future recourse business will improve in FY11 and FY12 due to an improving international order book for its construction activities and a clear strategy to ensure the concession portfolio is self-financing and no longer reliant on equity injections from the recourse businesses, the agency said.

The company's recently announced FY10 results confirmed at a de-consolidated level net debt-to-EBITDAR ratio of 3.5 times, the agency added.

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