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Abertis Infraestructuras S.A.
Standard & Poors, Oct 2005
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
Abstract
Strong and stable cash flow generation from a mature toll road network. Mitigated traffic risk, owing to the maturity of concessions. A supportive regulatory framework. Low construction risk. A somewhat aggressive dividend policy. Diversification into other sectors with higher business risk profiles, such as airports and telecommunications infrastructure. The ratings on Abertis Infraestructuras S.A., one of Spain's largest infrastructure operators, continue to reflect its strong and stable cash flow generation, derived largely from its mature toll road concession business, a supportive regulatory framework, low construction risk, manageable future capital expenditure needs, and a conservative debt maturity profile. These strengths are offset at the rating level by Abertis' aggressive dividend policy and its increasing diversification into other activities, such as airports,...
Companies mentioned in this report are: Abertis Infraestructuras S.A.
Action: Review
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