Fitch rates Obrascon Huarte Lain bond BB-

Fitch Ratings said it assigned an expected BB- rating to Obrascon Huarte Lain's prospective €300 million eight-year unsecured bond.

The expected rating is in line with the company's senior unsecured BB- rating.

The company has an issuer default rating of BB- with a stable outlook.

Despite a dismal domestic construction market, the international construction segment now accounts for 77% of the total order book, Fitch said, and will likely offset this weakness.

Ongoing asset maturity at the concession level and improved recourse liquidity further supports the current stable outlook, the agency said.

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