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CIMIC Group Announces Rating Affirmed by Standard Poors

11 Jul 2019  |  18:10:00  |  Associate analysts  |  Increase  |  Decrease  |  

Original announcement: CIMIC GROUP RATING AFFIRMED BY STANDARD & POORS

CIMIC Group announced that Standard & Poor's has affirmed its credit rating at BBB/Stable/A-2. The S&P Global Ratings announcement is appended. The Company updated that its use of receivables factoring, that it treats as a debt-like obligation, significantly increased in 2018 to A$1.9bn as of Dec. 31, 2018, from A$600m in 2017. As reported, the Company will continue to have a stronger balance sheet than that of its ultimate parent, the ACS, Actividades de Construccion y Servicios SA (ACS) group, reflecting lower reported financial debt. The Company further updated that its stand-alone credit profile (SACP) of 'bbb+', the issuer credit rating is constrained by their assessment that the Company remains a core subsidiary of the weaker parent, ACS.

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