Moody's rates Obrascon notes Ba3

Moody's Investors Service said it assigned a provisional Ba3 rating with a loss given default assessment of LGD4 to the proposed issuance of €300 million worth of senior notes due 2022 by Obrascon Huarte Lain SA (OHL).

The company's Ba3 corporate family rating, Ba3-PD probability of default rating and the Ba3 ratings on its existing senior unsecured debt instruments remain unchanged.

The outlook is stable.

"The (P)Ba3 instrument ratings for the proposed senior notes reflect their senior unsecured status and pari-passu ranking with OHL's existing senior unsecured notes," Ivan Palacios, Moody's vice president, senior credit officer and lead analyst for Obrascon, said in a news release.

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