REG - Obrascon Huarte Lain - Fitch Ratings downgrade

Obrascon Huarte Lain SAAnnouncement

10/10/2019 17:20

RNS Number : 5428P
Obrascon Huarte Lain, S.A.
10 October 2019
 


London Stock Exchange
 
Madrid, October 10th 2019
 
 
Ref.: Notification of Significant Event: Fitch Ratings downgrade
 
 
Dear Sirs,
 
 
The company, OBRASCON HUARTE LAIN, S.A. (OHL), in compliance with current legislation, hereby reports the following:
 
 
SIGNIFICANT EVENT
Fitch Ratings has today downgraded the corporate family rating and senior unsecured debt ratings of OHL to CCC+ from B+, with stable outlook.
The Company disagree with the Agency's decision due to the temporary moment in which it occurs and Fitch Ratings has been notified.
Since the final year 2018 results release, the Company is performing according to the expectations of the market, with a progressive recovery on the construction business margins, positive EBITDA figure in all its business lines and a progressive reduction of cash consumption associated with the ordinary activity.
In OHL's opinion, the Company is on the path of recovery and no reasons have been given, in the current fiscal year, that could justify the decision adopted by Fitch ratings agency.
Yours faithfully,
 
José María del Cuvillo Pemán
Secretary of the Board of Directors
 
 




This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.
 
END
 
 
MSCFFMFMSFUSEFS