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Autostrade SpA Apr 06
Standard & Poors, April 2006
Abstract
Robust and predictable cash flow generation from main toll road network Strong competitive position in the Italian transport infrastructure sector Operations regulated under a long-term concession agreement with the Italian government Aggressive financial profile Very large capital-expenditure program expected over the medium term Risk of higher-than-expected leverage The ratings on Autostrade SpA were placed on CreditWatch with negative implications on April 24, 2006, following the announcement of the company's merger with Abertis Infraestructuras S.A. (A/Watch Neg/--), one of Spain's largest infrastructure operators. The CreditWatch listing reflects Standard & Poor's Ratings Services' concerns about the group's future financial policy and strategy, although the merger itself will not necessarily have a negative impact on the merged entity's ratings. We expect to resolve...
Companies mentioned in this report are: Atlantia SpA,Abertis Infraestructuras S.A.
Action: Review
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
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