Research Update: Abertis Outlook To Stable On Improved Macroeconomic Environment And Recourse Debt Repayment; 'BBB' Rating Affirmed Feb 14
- Language: English
- Published: February 2014
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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.
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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Abertis Infraestructuras S.A.