CRIF Ratings withdraws ACS SA’s ‘BB+/Positive Outlook’ unsolicited long-term issuer rating

CRIF Ratings has withdrawn Actividades de Construcción Y Servicios, S.A.’s (“ACS”) unsolicited long-term issuer rating, due to lack of interest from market participants. At the time of the withdrawal, the rating was ‘BB+ / Positive Outlook’.

Regulatory and legal disclosures

Information to be provided pursuant to Regulation (EC) No. 1060/2009 on Credit Rating Agencies and subsequent amendments

Credit Rating Type

The rating was not solicited by the Rated Entity or by a Related Third Party, and so CRIF Ratings did not receive any payment. The Rated Entity or Related Third Party did not participate in the rating process and CRIF Ratings did not have access to the internal documents of the Rated Entity or related Third Party.

Responsibility

CRIF Ratings S.r.l. with registered office at Via M. Fantin 1/3, 40131 Bologna (Italy)

 

Lead Rating Analyst: Davide Tommaso, Associate – Rating Department

Responsible for rating approval: Simone Mirani, Rating Committee Chairperson

Rating history

Date of first issue: 06/11/2015

Date of rating withdrawal: 08/02/2019

List of rating actions (https://www.crifratings.com/en/rating-list/acs-sa-spagna/)

Methodology, rating category and historic default rates

Methodological information used for the rating, including the meaning of the each rating category and default definition, is available in the Corporate Rating Methodology document updated on the 12 June 2018 (https://www.crifratings.com/en/methodology/). Information concerning historic default rates and their interpretation can be consulted on the CEREP website (https://cerep.esma.europa.eu/).

CRIF Ratings states that the outlook indicates the most probable direction of the rating over a time period of 12-24 months.

Disclosure of the rating to the Rated Entity prior to publication

Before publication, the Rated Entity was provided with the opportunity to examine the reasons on which the rating action is based. The Rated Entity was given at least 24 hours – one full working day - to report any factual errors or appeal against the rating decision, providing additional new information in support of the assessment.

Following the disclosure, the rating action was not amended.

Conflicts of Interest

The rating action issued by CRIF Ratings was performed independently. On the basis of its procedures, CRIF Ratings has not identified any conflicts of interest. The analysts, members of the rating committee involved in the process, CRIF Ratings shareholders and those who are able to exercise a significant influence on the economic activities of the agency do not have any conflicts of interest in relation to the Entity Requester/Related Third Party and/or Rated Entity.

Information sources used

Public information, website of the Rated Entity.

Other services provided by CRIF Ratings to the Rated Entity

The Rated Entity did not receive other services from CRIF Ratings.

Disclaimer

The rating is an independent opinion provided by CRIF Ratings S.r.l. (‘CRIF Ratings’) on the creditworthiness of the Rated Entity and does not necessarily predict future results. Rating reports, rating actions and other relevant information are provided on an ‘as is’ basis, without any guarantee of any type. CRIF Ratings adopts all necessary measures to issue ratings based on information that it considers to be complete and reliable. However, CRIF Ratings is not responsible for the accuracy of the information used to assign the rating or perform the rating actions, and does not carry out any auditing activities on this information. The rating actions are carried out on the basis of methodological guidelines defined by CRIF Ratings. CRIF Ratings reserves the right to update or withdraw the ratings at any time, in accordance with internal methodologies and processes. The rating does constitute a recommendation to buy, sell or keep securities or other financial instruments issued by the Rated Entity. The ratings issued by CRIF Ratings are not a substitute for exercising independent judgment and for the personal assessments that must be performed by any third party. Under no circumstances shall CRIF Ratings, its employees, officers, directors and persons involved in its rating activities be liable to any party for any direct or indirect, consequential or incidental damage and/or costs arising from or in connection with the use of ratings or credit opinions issued by CRIF Ratings.