Moody's could cut Obrascon

Moody's Investors Service said it placed the Ba2 corporate family and probability of default ratings of Obrascon Huarte Lain SA on review for downgrade.

In addition, Moody's placed the ratings on the group's senior unsecured debt instruments on review for downgrade.

Moody's said the action follows the announcement that Obrascon signed a letter of intent with Spanish toll-road concessionaire Abertis Infraestructuras SA, in which they agree that Abertis will integrate Obrascon's Brazilian unit, OHL Brasil, while Obrascon will become one of Abertis's core shareholders, with a 10% stake.

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