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Autoroutes Paris-Rhin-Rhone S.A. Apr 11
Standard & Poors, April 2011
Abstract
Strong and recurring cash flow generation, stemming mainly from a mature toll-road network. Supportive regulatory and concession framework. High profitability. Aggressive financial profile. Significant refinancing requirement in early 2013 at both the APRR and Eiffarie levels. Still high, albeit decreasing, level of capital expenditure requirements that are inflexible in the short term. The ratings on French toll-road operator Autoroutes Paris-Rhin-Rhone S.A. (APRR) reflect Standard & Poor's Ratings Services' view of the group's excellent business profile, tempered by an aggressive financial profile. APRR is the fourth-largest toll-road operator in Europe. The group's highway concessions, which run until 2032, includes major economic and tourist corridors to southern and eastern France. Although it is fully exposed to traffic evolution, APRR's business quality benefits,...
Companies mentioned in this report are: Autoroutes Paris-Rhin-Rhone S.A.,Caisse Nationale des Autoroutes,Atlantia SpA,Autoroutes du Sud de la France S.A.,Abertis Infraestructuras S.A.
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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