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Abertis Infraestructuras S.A. Aug 10
Standard & Poors, Aug 2010
Abstract
Strong and stable cash flow generation from a mature toll road network with manageable capital-expenditure needs. A supportive regulatory framework in Abertis' main markets, Spain and France. Resilient operating performance. A weakened financial profile, owing to debt accumulation over several years. A rigid dividend policy. A 'less-than-adequate' liquidity position. The rating on infrastructure operator Abertis reflects our view of the company's business risk profile, which we assess as 'excellent,' and its 3,747-kilometer toll road network--mostly located in Spain and France--which generated about 85% of 2009 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...
Companies mentioned in this report are: Abertis Infraestructuras S.A.,Eutelsat S.A.,BRISA Auto-Estradas de Portugal S.A.,Atlantia SpA,Sanef,Holding d'Infrastructures de Transport S.A.S.
Action: Review
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
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