S&P changes Ellaktor view

S&P said it revised its outlook on Ellaktor SA to positive from stable and affirmed the long- and short-term corporate credit ratings at B-/B.

“We expect that the improving economic backdrop in Greece will lead to further strong traffic growth at Ellaktor's mature toll road concessions and rising construction revenue and margins. This could enable the company to reduce its leverage from the current high level,” the agency said in a news release.

“The positive outlook reflects our expectation that Ellaktor's debt-to-EBITDA ratio will fall below 5x by 2018 as long as it maintains strong traffic growth in its concession, construction margins continue to rise and it pursues a prudent financial policy.”

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