Abertis Infraestructuras S.A.
- ID: 1713682
- July 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.
Research Type: Full Analysis
Strong and stable cash flow generation from a mature toll road network with manageable capital-expenditure needs. A long concession duration, which ensures business continuity and cash flow visibility. A supportive regulatory framework. The apparent end to the company's historically intensive expansion appetite. A rigid dividend policy. A weakened financial profile, owing to debt accumulation during the past several years. The rating on Abertis Infraestructuras S.A., one of Spain's largest infrastructure operators, is underpinned by the company's business risk profile, which Standard & Poor's Ratings Services views as "excellent," and its 3,747-kilometer (km) toll road network-mostly located in Spain and France--which generated about 86% of 2008 consolidated EBITDA. Network traffic is mature, and capital-expenditure needs are fairly manageable in our view,...
Companies mentioned in this report are: Abertis Infraestructuras S.A.,Sanef,Holding d'Infrastructures de Transport S.A.S.