Spain’s OHL is selling assets to raise cash in reaction to a downgrade by Moody’s in mid-November of the company’s corporate debt from Ba3 to B1, stable to negative. OHL sold a 7.5% stake of its Mexico-based holding company OHL Mexico for M.peso 3.9 billion (roughly US$285 million) to U.S. investors in a private placement, reducing its controlling interest to 56%. It had also sold a 5% stake in Abertis. The proceeds will be used to pay off debt.
OHL is now considering selling 10% of its largest Mexican concessionaire, Concesionaria Mexiquense, 100% owned by OHL Mexico. The concessionaire developed and operates the ring road around the eastern side of Mexico City. Toll revenue on the road is expected to increase some 7% from last year.