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Autostrade SpA Aug 02
Standard & Poors, Aug 2002
Abstract
Stable revenues underpinned by moderate but steady traffic growth; Long-term motorway concession agreement with the Italian government regulates the terms and conditions of operation; Strong and extensive experience as a motorway operator; and A very strong financial profile. Uncertainties surrounding the first revision of the concession's tariff-adjustment mechanism; and Large capital expenditure motorway program to be undertaken over the next five years. The ratings on Autostrade group (Autostrade) reflect its strong business profile as the largest toll motorway concessionaire in the Republic of Italy (AA/Stable/A-1+), with more than 40 years' experience, a 61% market share, and the benefit of moderate but steady traffic growth. The group operates under a 38-year concession and has a very strong financial profile. Major rating...
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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