Credit FAQ: How Sovereign Credit Quality Affects Our Ratings On European Toll Road Network Operators Oct 12
- Language: English
- Published: October 2012
- Region: Europe
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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 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. In 2008, Sanef's revenues and EBITDA represented about 37% and 40% of Abertis' consolidated revenues and EBITDA, respectively, on a fully consolidated basis (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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Holding d'Infrastructures de Transport S.A.S.,Abertis Infraestructuras S.A.,Sanef