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Autostrade SpA Feb 04
Standard & Poors, Feb 2004
Abstract
Stable revenues underpinned by steady traffic growth; Strong competitive position in the Italian transport infrastructure network; Operations regulated under a long-term concession agreement with the Italian government; and Strong and extensive experience as a motorway operator. Aggressive financial profile; Uncertainties surrounding tariff levels in the medium term as a result of a less supportive regulatory framework; and Very large capital expenditure program anticipated over the medium term. The ratings on Autostrade SpA (Autostrade) reflect its well above average business profile as Italy's largest motorway company, with more than 40 years' experience and about 60% market share, as well as its strong cash generation and its concession agreement--due to expire only in 2038. Its financial profile, however, has materially weakened, owing...
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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