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Industry Report Card: European Toll Road Network Operators' Performance Remains Resilient, But Financial Issues Loom Jan 11
Standard & Poors, Jan 2011
Abstract
European toll road network operators continued their gradual recovery in 2010, reporting robust operating performance to the end of September (latest data available). This supports Standard & Poor's Ratings Services' view of the sector's 'excellent' business risk profile. In our opinion, the main threats to credit quality in the sector continue to be financial--as has historically been the case--with substantial debt burdens and liquidity and refinancing risk that could put pressure on the ratings of certain players. For the French and Italian toll road networks, following unprecedented traffic declines in 2009, operating revenues grew in 2010 on the back of traffic growth, a positive traffic mix effect (after a decline in 2009, the number of heavy vehicles, which pay higher...
Companies mentioned in this report are: Cofiroute,VINCI S.A.,BRISA Auto-Estradas de Portugal S.A.,Atlantia SpA,Autoroutes du Sud de la France S.A.,Autoroutes Paris-Rhin-Rhone S.A.,Abertis Infraestructuras S.A.,Sanef,Holding d'Infrastructures de Transport S.A.S.,Autostrade per I'Italia SpA
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: Commentary
Criteria articles describe the thought process and methodology Standard & Poor's analysts use in determining ratings. These commentary pieces discuss both the quantitative (economic and financial) and qualitative (business analysis and caliber of management) aspects of the analysis, as well as legal issues.
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