On Friday S&P affirmed Abengoa’s rating at B after the sale of Befesa for €1.075bn to Triton, while the outlook remains negative. S&P notes that the sale of Befesa’s which has positive cash flow will slightly weaken Abengoa’s business risk profile but the proceeds can be used to reduce recourse debt. The negative outlook continues to reflect a one-in-three chance of a downgrade if Abengoa's liquidity weakens or if the company does not reduce its consolidated adjusted leverage to below 9x by mid-2014. The proposed transaction is subject to final documentation and regulatory approval, as well as consent from Befesa's bondholders under its €300m indenture's change-of-control clause. S&P added that it can lower Abengoa’s rating if currently adequate liquidity weakens, which can happen due to material unwinding of the sizable working capital deficit. It also noted that the outlook could be revised to stable if Abengoa reduces its capital expenditures and negative free cash flow materially over 2014-2015, after completion of its investment plan and the entry into full operation of projects currently in construction or at early stages of operations.