Outlook: Positive
Action date: 07/21/2022
Rating action: Affirmed


Ethifinance Ratings affirms Sacyr s "BB+" rating, revising its Outlook from Stable to Positive. The group operates as an infrastructure concessionaire and offers complementary services in the engineering, construction and environmental sectors. The company operates at an international level, mainly in Spain and South America. At the end of the 2021 financial year, the company presented a turnover of EUR 4,675M with an EBITDA of EUR 923M (EBITDA margin 19.7%), registering a DFN/EBITDA ratio of 6.8x (2.0x considering EBITDA with recourse adding dividends and distributions of assets funding with non-recourse debt, and net financial debt with recourse). The group has been listed on the continuous market, with a market capitalisation of over EUR 1.480M.


Date last rating: 07/21/2022
Date first rating: 07/21/2020