Credit FAQ: How Sovereign Credit Quality Affects Our Ratings On European Toll Road Network Operators Oct 12
- Language: English
- Published: October 2012
- Region: Europe
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 Holding d'Infrastructures de Transport S.A.S. (HIT) was placed on CreditWatch with negative implications on Nov. 16, 2007, following the announcement by Abertis Infraestructuras S.A. (A/Watch Neg/--) of its nonbinding bid for the transmission towers business of Italy's Wind Telecomunicazioni SpA (B+/Stable/--) and 3 Italia SpA (not rated). Abertis, a Spanish infrastructure operator, owns 52.6% of HIT, with the remainder owned by several creditworthy French financial partners. HIT, in turn, is the holding company of French toll road operator Sanef (A/Watch Neg/A-1). The CreditWatch listing reflects Standard & Poor's Ratings Services' concerns about and lack of visibility on Abertis' acquisition strategy and future financial policy, given the company's increased appetite for diverse telecommunications infrastructure assets. We continue to...
Companies mentioned in this report are: Holding d'Infrastructures de Transport S.A.S.,Abertis Infraestructuras S.A.,Sanef
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Holding d'Infrastructures de Transport S.A.S.,Abertis Infraestructuras S.A.,Sanef