ELLAKTOR


S&P upgraded Ellaktor’s long-term credit rating to 'B' from 'B-' with a positive outlook. The upgrade reflects the improved macroeconomic and policy environment in Greece leading to further strong traffic growth in group’s mature toll road concessions, along with rising construction revenues and margins. S&P predicts group adjusted debt to EBITDA ratio to remain at 4.0x-5.0x over 2018-2020 from 6.5x at year-end 2016. The rating agency also notes that it waits for more details of new management’s reorganisation plan. 

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