This is at a time when Europe's construction market is in the doldrums and Spain's sovereign debt woes have made it more expensive for companies to gain finance. Consolidating Hochtief and Leighton on its balance sheet will allow ACS to improve its net debt position as it seeks to refinance billions of dollars of debt. Leighton has signed an agreement with ACS to guarantee similar independence which it enjoyed under Hochtief, but S&P analyst Craig Parker questioned whether it would hold up if ACS came under more financial stress.