French Toll-Road Operator Sanef 'BBB/A-2' Ratings Affirmed Following Similar Action On Parent Abertis; Outlook Negative Oct 12
- Language: English
- Published: October 2012
- Region: France
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Research Type: Full Analysis
Strong and stable cash flow generation from a mature toll road network; Mitigated traffic risk, thanks to the maturity of Abertis' concessions; A supportive regulatory framework; and Low construction risk. A somewhat aggressive dividend policy; and Diversification into the telecommunications infrastructure business. The rating on Abertis Infraestructuras S.A., one of Spain's largest toll road and telecommunications infrastructure operators, is supported by the company's strong and stable cash flow generation, derived mainly from its mature toll road concession business; a supportive regulatory framework; low construction risk; and manageable future capital-expenditure needs. These strengths are offset by Abertis' somewhat aggressive dividend policy and diversification into the telecommunications infrastructure business. Abertis' key credit strength is its operation of a toll road network that...
Companies mentioned in this report are: Abertis Infraestructuras S.A.
Abertis Infraestructuras S.A.