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Abertis Infraestructuras S.A. Apr 07
Standard & Poors, April 2007
Abstract
Strong and stable cash flow generation from a mature toll road network Concession duration, which mitigates traffic risk Supportive regulatory framework Low construction risk More aggressive acquisition strategy than in the past, with potential for increased leverage and investment in sectors with higher business risk profiles Weakened financial profile, owing to large debt-financed acquisitions Low cash retention, due to a high dividend payment policy The rating on Abertis Infraestructuras S.A. reflects the group's excellent business profile, with strong and stable cash flow generation derived largely from its toll road concession business, a supportive regulatory framework in Spain and France, and fairly manageable capital-expenditure needs. These strengths are offset by Abertis' weakened financial profile and aggressive dividend policy, as well as...
Companies mentioned in this report are: Abertis Infraestructuras S.A.,Eutelsat S.A.,Caja de Ahorros y Pensiones de Barcelona,Compania De Desarrollo Aeropuerto Eldorado S.A.,Sanef,Holding d'Infrastructures de Transport S.A.S.,Eutelsat Communications 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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