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Abertis Infraestructuras S.A.
Standard & Poors, May 2008
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
Abstract
Strong and stable cash flow generation from a mature toll road network Long concession terms, providing cash flow stability Supportive regulatory framework Low construction risk Prudent debt management Intense expansion appetite, with potential for increased leverage and investment in higher-risk sectors Weakened financial profile, owing to large debt-financed acquisitions and new concessions No flexibility in the dividend policy The long-term corporate credit rating on Abertis Infraestructuras S.A., one of Spain's largest infrastructure operators, was placed on CreditWatch with negative implications on May 21, 2008. The action follows the announcement late on May 19, 2008, that a consortium led by Abertis (with a 50% stake) has been named the preferred bidder of the Pennsylvania Turnpike (PTPK) concession, the largest U.S. toll-road...
Companies mentioned in this report are: Abertis Infraestructuras S.A.,Sanef,Holding d'Infrastructures de Transport S.A.S.
Action: Review
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