Fitch downgrades Abertis

Fitch Ratings said it downgraded Abertis Infraestructuras SA's long-term issuer default rating to BBB from BBB+ and removed the ratings from Rating Watch negative.

The outlook is stable.

The downgrades reflect the company's material re-leveraging following its co-acquisition by Atlantia and ACS group, Fitch explained.

The acquisition debt has been raised by an Atlantia-ACS group SPV, but will be fully repaid by Abertis's cash flow generation and asset disposals, the agency said.

The ratings consider the high leverage profile of more than 5x in the context of the weighted average life of its portfolio of about 11 years, Fitch said.

The ratings also take into account Abertis's geographically diversified portfolio of mature assets and the large – but diminishing – financial flexibility of its balance sheet, the agency added.

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