- Language: English
- Published: December 2011
Summary: Abertis Infraestructuras S.A.
- ID: 1713683
- 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.
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 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 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, leading to what we see as strong cash flow generation. Moreover, we view the regulatory framework as supportive in Spain and France. Lastly, the company's announcement that it is entering into to a period of consolidation, with no material acquisitions planned, leads us to believe that Abertis' historically intensive expansion appetite may have come to an end, which could lead...
Companies mentioned in this report are: Abertis Infraestructuras S.A.
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