- Language: English
- Published: December 2011
Summary: Abertis Infraestructuras S.A.
- ID: 1713186
- April 2007
- Standard & Poors
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.
This product consists of a Summary Analysis: Bi-annual (at least). An abbreviated analysis containing Standard & Poor's issuer credit ratings as of the time the article was published. The analysis includes a rating rationale - the basis on which the rating was assigned - and an outlook section if the issuer is not on CreditWatch. Financial statistics are not included.
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 its appetite for acquisitions, which could further impair its financial profile and, eventually, its business profile. In April 2006, Abertis completed the predominantly debt-financed acquisition of French toll road operator Sanef (A/Negative/A-1). This doubled the size (in kilometers) of Abertis' toll road portfolio, increased its average concession length, and enhanced its geographic diversification. The subsequent debt-funded purchase of a 32% minority stake in Eutelsat...
Companies mentioned in this report are: Abertis Infraestructuras S.A.
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