WASHINGTON, March 19, 2014 /PRNewswire/ -- Abengoa (MCE:
ABG.B/P SM /NASDAQ: ABGB), the company that applies innovative
technology solutions for sustainability in the energy and
environment sectors, has been awarded a positive credit outlook by
the credit rating agency Standard & Poor's (S&P).
S&P has revised its outlook from negative to positive based
on Abengoa's plans to reduce capital expenditures and limit its
equity ownership in concessions. It is part of a strategy to become
a more asset-light company focused on free cash flow
generation.
The rating report also reflects the view that Abengoa has
proactively managed its corporate debt maturities accessing both
debt and equity capital markets, which is expected to result in an
at least 'adequate' liquidity position during 2014.
S&P said in a recent press release: "The positive outlook
reflects the potential improvement in Abengoa's financial risk
profile, stemming from the increased likelihood that management
will reduce its ownership in the concessions business. The positive
outlook also reflects Abengoa's improved liquidity from fund
raising in 2013, our expectation that capital expenditures will be
significantly lower in 2013, allowing neutral to moderately
positive FOCF already in 2014.'
About Abengoa
Abengoa (MCE: ABG.B/P SM /NASDAQ: ABGB) applies innovative
technology solutions for sustainability in the energy and
environment sectors, generating electricity from renewable
resources, converting biomass into biofuels and producing drinking
water from sea water. (www.abengoa.com)
Communications
Department:
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Investor
relations
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Patricia Malo de
Molina Melendez.
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Barbara Zubiria
Furest.
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Cristina Cabrera
Angulo
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Tel: +34 954 937
111
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Tel: +34 954 93 71
11
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E-mail:
ir@abengoa.com
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E-mail:
communication@abengoa.com
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You can also follow us on:
Twitter: @abengoa
LinkedIn: Abengoa
And in our blog: http://blog.abengoa.es/
SOURCE Abengoa