- ID: 1714010
- August 2010
- 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 long-term rating on French toll road operator Sanef is equalized with that on Spanish infrastructure operator Abertis Infraestructuras S.A. (BBB+/Stable/--). Abertis effectively exerts control over Sanef through 52.6%-owned Holding d'Infrastructures de Transport S.A.S. (HIT; BBB+/Stable/--), the intermediary vehicle that acquired Sanef when it was privatized in 2006. This equalization is based on Standard & Poor's Ratings Services' view that Abertis will financially support HIT and Sanef if necessary, given their strategic importance for, and large financial contribution to, Abertis. In 2009, Sanef's revenues and EBITDA represented about 36% and 37% of Abertis' revenues and EBITDA, respectively, on a fully consolidated basis of Abertis' reported accounts (about 23% and 24%, respectively, based on proportionate consolidation). We treat HIT and Sanef...
Companies mentioned in this report are: Sanef,Abertis Infraestructuras S.A.,Holding d'Infrastructures de Transport S.A.S.
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