Agency Long-term Short-term Outlook Last revision
Morningstar DBRS BBB (low) R-2 (low) Stable 2 October 2025

Debt rating
and issues

On 2 October 2025, the credit rating agency DBRS Ratings GmbH (Morningstar DBRS) awarded Sacyr an ‘Investment Grade’ rating. The rating obtained was BBB (low) long term and R-2 (low) short term, both with a stable outlook.

Morningstar DBRS gives sacyr an Investment Grade rating

  • With this milestone, Sacyr is making progress in meeting one of the key objectives set out in its 24-27 Strategic Plan
  • Morningstar DBRS highlights the company’s strategic transformation in recent years, which is reflected in its financial and operational strength, with a clear focus on concessions and a successful financial deleveraging process

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. 

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From the floor plan to the factory: industrializing construction across four countries

Industrialization addresses the construction sector's need to boost efficiency, productivity, and sustainability. We're already utilizing prefabricated components in building projects in some of our key markets.

Industrialization brings factory-style processes into the construction sector, enhancing productivity and introducing a high degree of automation. It encompasses research and innovation in mechanizing and assembling components in a factory setting, applying these techniques to prefabricate various elements like bathrooms, facades, and technical partitions.

This approach is faster and more sustainable, minimizing waste and requiring fewer energy resources, while also simplifying maintenance.

Bathrooms and facades are among the first elements to undergo this industrialization, according to Mónica Silva Laiz, Head of Building at Sacyr Engineering and Infrastructure Engineering department in Spain.

"Industrialised construction is here to stay, and we are today one of the pioneering companies in carrying out this transformation. It is a new way of conceiving construction," explains Mónica Silva.

Sacyr is implementing industrialization as a key component in projects across Chile, the United Kingdom, Spain, and Italy.

In Chile, we operate a factory assembling prefabricated bathrooms for three hospitals: Sótero del Río, Cordillera, and Buine Paine.

 
 

The construction of the Milan Hospital in Italy also incorporates industrialized bathrooms and facade sections.

 
 

In Spain, we've employed these factory processes at the 12 de Octubre Hospital, installing prefabricated GRC (glass fiber reinforced concrete on a metal frame) facades, among other elements. These methods are also being implemented in residential developments across several Spanish regions.

   
 

At the New Velindre Cancer Center in Cardiff (Wales, UK), we're constructing prefabricated facades using light steel frames with external finishes in wood and copper sheets, incorporating windows and glazing. The facade modules are manufactured in Spain and shipped to the UK for on-site assembly.

Furthermore, through the Valdesc project, we're exploring a novel industrialized construction system for facade envelopes using recycled materials, ensuring high rates of circularity and decarbonization. This system will enhance thermal efficiency and simplify component dismantling, combining efficiency, productivity, and safety. 
 

How we’re removing microplastics from our water

Sacyr Agua has partnered with Captoplastic to roll out pioneering technology that helps detect and remove microplastics in our wastewater treatment plants.

At Sacyr Agua, we’re pushing the boundaries of sustainability and innovation by detecting and removing microplastics in our wastewater treatment plants (WWTP). By joining forces with Captoplastic, we are working together to make this possible.  

Although microplastic pollution (plastic particles smaller than 5 mm) occurs throughout the whole water cycle, reducing them in the treated water leaving our WWTP is a significant step in protecting the environment.

These plants are designed to remove organic matter and conventional pollutants from wastewater, but they do not normally include specific processes to deal with the wide variety of microplastics that reach them. 

“As well as becoming their preferred partner for projects in Spain, this partnership also allows us to use Captoplastic’s technology and references exclusively in markets such as Australia, Peru and Colombia,” says Eduardo Campos, Managing Director of Sacyr Agua.

An agreement built on innovation


The collaboration with Captoplastic began following a successful pilot project at the Yecla WWTP (Murcia), managed by Sacyr Agua, as part of our open innovation programme, Sacyr iChallenges. 

It was there that we discovered Captoplastic’s pioneering solution, which continuously detects and removes microplastics. This fits perfectly with our commitment to sustainability and our drive to bring advanced technologies into our business.

 

 
 

Pilot project success


To test and validate the technology, Captoplastic moved a demonstration pilot plant from the Cantoblanco campus of the Autonomous University of Madrid to the Yecla WWTP, where the trials were carried out.

Beforehand, a detailed study of the microplastics present in the different stages of the plant was completed, both in the water line and the sludge line. Several types of microplastics were identified, including polypropylene (PP), polyethylene (PE), polycaprolactone (PCL), poly(ethyl acrylate) (PEA), acrylic, polytetrafluoroethylene (PTFE) and polyurethane (PU). 

These microplastics were found in different forms, such as pellets, fibres and fragments, with the highest concentration in the sludge line.

The results of this first pilot trial were very positive, showing a 76% reduction in the initial concentration of microplastics. This proves the effectiveness of the solution and its potential to be scaled up.

 

Captoplastic Technology

 

Captoplastic is a Madrid-based small business dedicated to developing innovative solutions for detecting and removing microplastics. Established in 2020, the company has been recognised as a Knowledge-Based Company and works with strategic partners such as the Universidad Autónoma de Madrid and the BeAble Innvierte Kets Fund.

Its technology uses an agglomeration technique, adding an inorganic agent to the water stream so that it binds with microplastics and forms larger aggregates that can then be removed. 

Thanks to the magnetic properties of the agent, the aggregates can be easily separated and removed from the water stream. The process can handle large volumes of water efficiently. The captured microplastics can be recycled, making this a zero-waste technology that is environmentally friendly throughout its entire cycle.

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