The Spanish Defense Industry - Market Opportunities and Entry Strategies, Analyses and Forecasts to 2016
- Published: November 2011
- Region: Spain
Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress Credit Research lets users determine the credit rating of holdings and identify key factors underlying an issuer's creditworthiness, distinguishes the different risk exposures for new and existing deals, and provides an understanding of how their analysts interpret key regulatory, political and environmental events and their economic impact.
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.
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Abertis Infraestructuras S.A.