Rating agency DBRS Ratings GmbH (Morningstar DBRS) has granted Sacyr a long-term corporate credit rating of "BBB low" and a short-term credit rating of R-2 low, both with a "Stable" outlook. This rating corresponds to the Investment Grade category.
This is Sacyr’s first time obtaining a rating from a global rating agency and represents a significant step in meeting the objectives established in the 24-27 Strategic Plan. Morningstar DBRS is one of four rating agencies recognized by the ECB and the SEC.
This rating reflects Sacyr's financial strength, its positive economic performance and its ability to meet the obligations arising from its business activity.
Strategic transformation and focus on concession
Morningstar DBRS supports its rating on the strategic transformation of the business model carried out by Sacyr in recent years, which is reflected in its operational capacity, with a clear focus on concessions and a successful financial deleveraging process.
Sacyr has a young portfolio of concessions, with a remaining average life of 28 years. This circumstance, together with inflation-indexed revenues and low exposure to demand risk, contributes to predictable and stable cash flows. This business model serves to strengthen the company's financial position and to improve its risk profile.
In addition, the vertical integration of the concession business with the Engineering and Infrastructure division – where 70% of the portfolio comes from its own concession projects – significantly optimizes this risk profile.
Investment grade by EthiFinance
Sacyr also has the rating by EthiFinance, which raised Sacyr's rating in June 2023 to investment grade, with a BBB- rating and a stable outlook.
