Summary: Holding d'Infrastructures de Transport S.A.S.

Standard & Poors, June 2007

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.

Abstract
The rating on Holding d'Infrastructures de Transport S.A.S. (HIT), the holding company of French toll road operator Sanef (A/Negative/A-1), is equalized with those on Spain-based infrastructure operator Abertis Infraestructuras S.A. (A/Negative/--), which owns 52.6% of HIT. The rating on Abertis reflects the company's excellent business profile, with strong and stable cash flow generation derived largely from its toll road concession business, a supportive regulatory framework both in Spain and France, and fairly manageable future capital expenditure needs. These strengths are offset by Abertis' weakened financial profile and lack of dividend flexibility, as well as its appetite for additional acquisitions, which could further impair its business and financial profile. It is important to note that without this support, HIT's underlying credit...

Companies mentioned in this report are: Holding d'Infrastructures de Transport S.A.S.,Abertis Infraestructuras S.A.,Sanef
Action: Review

Holding d'Infrastructures de Transport S.A.S.,Abertis Infraestructuras S.A.,Sanef

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