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Abertis Infraestructuras S.A. Jun 11
Standard & Poors, June 2011
Abstract
Strong and stable cash flow generation from a diversified portfolio of mature toll roads. Manageable capital expenditure requirements, supporting strong free cash flow generation. Supportive regulatory framework in Abertis' main markets of Spain and France. High debt burden and rigid dividend policy, which reduce the pace of deleveraging. Short remaining life under some of Abertis' Spanish concessions. The rating on Spain-based infrastructure operator Abertis Infraestructuras S.A. (Abertis) reflects Standard & Poor's Rating Services' view of the group's excellent business risk profile, tempered by what we assess as an aggressive financial risk profile. Abertis is the third-largest toll road network operator in Europe. Although the group is exposed to traffic volumes, it benefits from stable cash flows generated by its 3,747-kilometer...
Companies mentioned in this report are: Abertis Infraestructuras S.A.,Sanef,Holding d'Infrastructures de Transport S.A.S.
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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