Sacyr - Rating Initiation
​We initiate coverage on Sacyr and assign a B- corporate credit rating.
Since the Spanish property bubble burst in 2008, Sacyr has gone through a painful adjustment process, downsizing and realigning its activity portfolio. Notably, the group has exited real estate with the withdrawal from promotion and disposal of property management. The group is now a leaner, more focused player with a major exposure to infrastructure through the construction (17% of EBITDA) and concessions (54%) divisions. That said, the group retains a high degree of complexity, operating two other divisions in services and industrial while retaining financial stakes in Repsol and Itinere. ï‚· Sacyr still owns limited market share overall, with...
Spread Research is France's first Rating Agency, registered by ESMA (European Securities and Markets Authority) and a leading European Independent Credit Research firm, founded in 2004 and based in Lyon, France. Our experienced team offer key research services using a wide range of investment strategies and research methodologies for the High Yield, Emerging Markets, Convertibles and Loan Markets.
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