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Atlantia SpA Jun 07
Standard & Poors, June 2007
Abstract
Robust and predictable cash flow generation from main toll road network Strong competitive position in the Italian transport infrastructure sector Operations regulated under a long-term concession agreement Uncertain impact of new regulation Very large capital-expenditure program expected over the short to medium term Aggressive financial profile The ratings on Atlantia SpA (formerly Autostrade SpA) reflect its excellent business profile as Italy's largest motorway group, with a market share in Italy--through its operating subsidiaries--of about 60%, and its strong cash generation, derived largely from toll revenues under the Autostrade per l'Italia (ASPI) concession agreement expiring in 2038. These factors are offset, however, by regulatory risk, substantial planned capital expenditures in 2006-2012, and an aggressive financial profile. Atlantia's concessions generated 85% of...
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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