This concludes the review process initiated on 27 April 2012 following the announcement of OHL's transaction with Abertis, and continued on 27 June 2012 following the downgrade of the Kingdom of Spain's government bond ratings to Baa3.

Today's announcement follows Moody's confirmation of Spain's government bond ratings at Baa3 with a negative outlook. For full details on the rationale for the sovereign rating confirmation, please refer to the press release of 16 October 2012: http://www.moodys.com/research/Moodys-confirms-Spains-government-bond-rating-at-Baa3PP-3-assigns--PR_257500.

RATINGS RATIONALE

The rating confirmation reflects Moody's assessment that OHL has adequate liquidity in the current environment, with the company facing no capital market debt redemptions until 2015, and benefitting from a large recourse cash position of EUR812 million as of June 2012. This cash position will be further strengthened by OHL Concessions' planned repayment to OHL of a EUR250 million intercompany loan in Q4 2012. OHL's liquidity profile will also benefit from its 15% equity stake in Abertis, which Moody's expects will provide an annual dividend inflow. This equity stake is worth around EUR1.4 billion at current market prices, more than OHL's current net recourse debt (EUR1.2 billion).

OHL's Ba2 CFR takes into account (1) its position as one of Spain's leading construction companies and the world's eighth-largest concessions operator; (2) its portfolio of businesses, through which it balances cyclical construction activities with more predictable concession-generated revenues; and (3) its exposure to multiple geographies, with a growing portfolio of international construction projects. However, the rating also factors in (1) OHL's relatively high leverage, both on a recourse and consolidated basis; (2) the macroeconomic situation affecting its business in Spain; and (3) the potential for volatility in the cyclical construction industry, mitigated by the revenue visibility provided by OHL's strong international order backlog.

While OHL's international diversification enhances its credit profile, Moody's believes that the company is not immune to the challenges of the domestic macroeconomic environment. In Moody's view, there are multiple channels of contagion between a sovereign whose economic outlook is under risk and the corporate issuers domiciled in the country, including (1) slowing economic activity; (2) liquidity constraints and higher financing costs; (3) scope for increased austerity measures; and (4) increased risks of political interference.

RATIONALE FOR NEGATIVE OUTLOOK

The negative outlook on OHL's rating reflects the challenging macroeconomic environment affecting Spain, where the company is domiciled. Moody's estimates that OHL generates around 18% of its consolidated EBITDA in Spain (on a pro forma basis post-Abertis transaction). In addition, its dividend inflow from Abertis has a degree of Spanish exposure, given that around 43% of Abertis's 2011 EBITDA (on a pro forma basis post -consolidation of OHL's Brazilian and Chilean concession assets) was generated in Spain.

The outlook also incorporates Moody's expectation that OHL's credit metrics will be initially weakly positioned for the current rating, with a likely improvement in 2013, supported by the company's planned reduction in net recourse debt and continued growth in EBITDA in its concessions activities.

In addition, the outlook reflects the potential pressures on OHL's liquidity profile if access to capital markets and bank lending becomes constrained in the future due to diminished investor or lender confidence. This is relevant for OHL because it continues to rely on short-term bank facilities to manage seasonal working capital fluctuations. OHL relies on domestic banks for approximately half of its availability of back-up liquidity, but the banks' appetite to renew these facilities may be reduced if their credit standing worsens in the future. This means that OHL's access to funding may become less certain and more expensive than in the past.

WHAT COULD CHANGE THE RATING DOWN/UP

Moody's could downgrade the Ba2 rating if OHL's credit metrics weaken such that the company's (1) net consolidated debt/EBITDA (as adjusted by Moody's) increases above 5.0x; (2) gross recourse debt/recourse EBITDA (as reported by OHL) rises above 4.0x; and (3) net recourse debt/recourse EBITDA remains above 3.0x on a sustained basis. The rating could also could come under pressure if the sovereign rating is downgraded to speculative grade or if OHL's liquidity profile deteriorates significantly.

Moody's does not currently anticipate upward rating pressure in light of the negative outlook, the weak macroeconomic conditions in Spain and constraints related to the sovereign rating. However, the rating agency could change the outlook on the ratings to stable if OHL maintains credit metrics within the following ranges on a sustainable basis: (1) net consolidated debt/EBITDA (as adjusted by Moody's) between 4.5x-5.0x; (2) gross recourse debt/recourse EBITDA (as reported by OHL) between 3.5x-4.0x; and (3) net recourse debt/EBITDA (as reported by OHL) between 2.5x and 3.0x.

PRINCIPAL METHODOLOGY

The principal methodology used in rating Obrascon Huarte Lain S.A. was the Global Construction Methodology published in November 2010. Other methodologies used include Loss Given Default for Speculative-Grade Non-Financial Companies in the U.S., Canada and EMEA published in June 2009. Please see the Credit Policy page on www.moodys.com for a copy of these methodologies.

Headquartered in Madrid, OHL is one of Spain's leading construction companies and the world's eighth-largest concessions operator, with a large concession business in Mexico and a 15% equity stake in Spanish infrastructure operator Abertis. In 2011, OHL reported sales of EUR4.9 billion and EBITDA of EUR1.2 billion.

REGULATORY DISCLOSURES

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Ivan Palacios VP - Senior Credit Officer Corporate Finance Group Calle Principe de Vergara, 131, 6 Planta Madrid 28002 SpainPaloma San Valentin MD - Corporate Finance Corporate Finance Group JOURNALISTS: 44 20 7772 5456 SUBSCRIBERS: 44 20 7772 5454 Releasing Office: Moody's Investors Service Espana, S.A. Calle Principe de Vergara, 131, 6 Planta Madrid 28002 Spain JOURNALISTS: 44 20 7772 5456 SUBSCRIBERS: 44 20 7772 5454 (C) 2012 Moody's Investors Service, Inc. and/or its licensors and affiliates (collectively, "MOODY'S"). All rights reserved.

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