Portuguese highway construction company Brisa has used a
financial ringfencing structure to complete its corporate
restructuring - the first time the technique has been used
outside the UK for this type of work.
While ringfencing is not a new concept in Europe, its the
first time that an existing company of Brisa's size and
complexity (it is listed on Euronext Lisbon, a significant
borrower from the European Investment Bank, securitisation