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Autostrade SpA Mar 05
Standard & Poors, March 2005
Abstract
Stable revenues underpinned by steady traffic growth; Strong competitive position in the Italian transport infrastructure network; and Operations regulated under a long-term concession agreement with the Italian government. Aggressive financial profile; and Very large capital expenditure program expected over the medium term. The ratings on Autostrade SpA reflect its well-above-average business profile as Italy's largest motorway company, with a market share of about 60%; strong cash generation mostly derived from toll revenues; and a concession agreement expiring only in 2038. These factors are offset, however, by Autostrade's aggressive financial profile, owing to increased leverage following parent Schemaventotto SpA's tender and the substantial capital expenditures planned for 2004-2010. Autostrade operates and maintains a 3,408-kilometer (km) motorway network, which is about 61%...
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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