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Autostrade SpA May 01
Standard & Poors, May 2001
Abstract
Autostrade SpA is the largest toll motorway concessionaire in the Republic of Italy (AA/Stable/A-1+), with a 56% market share. The ratings reflect its strong business profile as a long-term concessionaire with more than 40 years experience, operating under the terms of a 38-year concession in a market with moderate but steady traffic growth. The group also has a very strong financial profile. The major rating constraints are the planned capital expenditures over the next five years, and uncertainties surrounding the first revision of the parameters of the concession's tariff-adjustment mechanism. Autostrade operates and maintains a 3,120 km motorway network that runs north to south and east to west in Italy and generates 90% of total revenues. Motorway traffic in Italy...
Companies mentioned in this report are: Atlantia SpA
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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