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ATAC SpA
Standard & Poors, Aug 2006
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
Abstract
Close links with the City of Rome Expected benefits stemming from the company's restructuring Clearer definition of ATAC's economic relationship with Rome, as illustrated by the new seven-year service contract signed by the two entities Still-high rate of fares evasion affecting the potential growth of passenger revenues The company's persistent, although improved, weak operating profit and poor cash generation Uncertainties surrounding ATAC's future role beyond 2011 when local public transportation is to be tendered The ratings on ATAC reflect the entity's close links with the City of Rome; expected benefits stemming from the company's restructuring as a result of the merger between ATAC and the municipal company STA, as well as the creation of ATAC Patrimonio Srl; and a clearer...
Companies mentioned in this report are: ATAC SpA,Rome (City of),Acea SpA
Action: Review
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