Summary: Holding d'Infrastructures de Transport S.A.S.
- ID: 1713638
- May 2009
- Standard & Poors
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 France-based Holding d'Infrastructures de Transport S.A.S. (HIT), the holding company owning 100% of French toll road operator Sanef (A-/Negative/A-2), is equalized with that on Spanish infrastructure operator Abertis Infraestructuras S.A. (A-/Negative/--), which owns 52.6% of HIT (the remainder being owned by several creditworthy French financial partners). The rating equalization is based on Standard & Poor's Ratings Services' expectation that Abertis will financially support HIT if necessary, given Sanef's strategic importance for Abertis and large contribution (through HIT) to Abertis' consolidated revenues and EBITDA: On a fully consolidated basis, Sanef's revenues and EBITDA represented about 37% and 40% of Abertis' consolidated revenues and EBITDA, respectively, in 2008 (about 24% and 26%, respectively, based on proportionate consolidation). We treat...
Companies mentioned in this report are: Holding d'Infrastructures de Transport S.A.S.,Abertis Infraestructuras S.A.,Sanef
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