Summary: Sanef

Standard & Poors, November 2008

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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 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.
Action: Review

Sanef,Caisse Nationale des Autoroutes,Abertis Infraestructuras S.A.,Holding d'Infrastructures de Transport S.A.S.

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