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Atlantia SpA Aug 10
Standard & Poors, Aug 2010
Abstract
Strengths: Strong competitive position as owner and operator of Italy's major toll road concession. Operations regulated under a clear and supportive long-term agreement. Prudent debt management with sizable available lines. High leverage, pointing to an aggressive financial policy. Very large committed capital expenditure program, inducing negative free cash flow generation. Ownership via a 39% stake by holding company Sintonia, where leverage could increase. The ratings on Italy's largest motorway company Atlantia SpA reflect its business risk profile, which Standard & Poor's Ratings Services assesses as excellent. The company generates most of its cash from a mature and profitable toll road concession regulated under a clear and supportive concession agreement expiring in 2038. These factors are partially offset, in our opinion,...
Companies mentioned in this report are: Atlantia SpA,Autostrade Participations S.A.,Autostrade per I'Italia 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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