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Summary: 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.
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 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 tender ever. The transaction must still be approved, however, by the Pennsylvania state legislature. The CreditWatch listing reflects our concerns about and lack of visibility on Abertis' forward-looking credit protection metrics, which could deteriorate to levels no longer compatible with an 'A' category rating, depending on how Abertis would finance its equity stake in the PTPK and on...
Companies mentioned in this report are: Abertis Infraestructuras S.A.,Sanef
Abertis Infraestructuras S.A.,Sanef