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Standard & Poors, November 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 rating on French toll road operator Sanef is currently equalized with that on parent company Abertis Infraestructuras S.A. (A-/Negative/--). Since Sanef's privatization, Abertis effectively exerts control over Sanef through 52.6%-owned Holding d'Infrastructures de Transport S.A.S. (HIT; A-/Negative/--), the intermediary vehicle that acquired Sanef. This equalization is based on Standard & Poor's Ratings Services' expectation that Abertis will financially support HIT and Sanef if necessary, given their strategic importance and large contribution to Abertis' consolidated revenues and EBITDA. We treat HIT and Sanef as one entity, given the absence of ring fencing between the two. If, as a consequence of future investments, Sanef's contributions to Abertis' consolidated EBITDA were to decline substantially, we could change our rating approach for...
Companies mentioned in this report are: Sanef,Caisse Nationale des Autoroutes,Abertis Infraestructuras S.A.,Holding d'Infrastructures de Transport S.A.S.
Sanef,Caisse Nationale des Autoroutes,Abertis Infraestructuras S.A.,Holding d'Infrastructures de Transport S.A.S.