MILAN (ITALPRESS) – S&P Global Ratings has raised Webuild rating to BB+ with stable outlook, compared to previous BB. This is the second upgrade obtained by S&P during the Industrial Plan 2023-2025, confirming the solidity of the industrial model, the Group’s strategic vision and financial economic performance even in complex macroeconomic contexts. Webuild is now preparing to start a new industrial plan with a one-step rating from the investment grade.
According to S&P, the upgrade reflects the solid order portfolio, regulated contract management and leadership position in the main key markets for the Group, factors that have led to a strong growth and strengthening of the Group’s financial structure.
S&P underlines Webuild’s leadership in low-risk key markets, which today account for around 90% of backlog and revenue, compared to 59% of 2018. This evolution is the result of a strategy aimed at developed countries, with acquisitions and investments that have increased the weight of Italy and Australia. The agency also points out that the business profile is supported by increased diversification and advanced engineering skills, higher than those of competitors with similar ratings.
Looking to the future, S&P predicts that Webuild will continue to record a solid operational performance in the coming years, supported by a 50 billion euro construction order portfolio that guarantees strong visibility on revenues. Moreover, more favourable contractual terms are added, thanks also to the increasing adoption of pass-through clauses of costs, and the positive impact of the cost-efficiency programme. These factors, combined with constant attention to the management of the circulating capital, should according to the agency ensure robust cash flows and a profitability in further growth over time.
The rating agency reports, finally, that, given the ongoing finalization of the project’s approval processes for the Bridge on the Strait of Messina, no economic-financial impact was reflected in the current estimates, representing it as an upside for the rating. Projects of this type, according to S&P, show the strong engineering and management skills of the Group, specialized in creating large complex infrastructure works also in the face of technical, geological and engineering challenges.
– Photo press office Webuild –
(ITALPRESS).
