Frankfurt am Main, December 16, 2015 -- Moody's Investors Service said in a report published today that Spanish environment and energy group Abengoa S.A.'s (Caa3, Negative) large-scale reverse factoring programme has debt-like features. While this is reflected in Abengoa's rating, Moody's notes that the practice is likely widespread, and possibly more so in countries or sectors where reported trade payables are longer-term in nature.

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