Summary: Holding d'Infrastructures de Transport S.A.S. Jun 11

Standard & Poors, June 2011

Abstract
The rating on Holding d'Infrastructures de Transport S.A.S. (HIT), is equalized with the 'BBB+' rating of its controlling shareholder, Spain-based infrastructure operator Abertis Infraestructuras S.A. (Abertis; BBB+/Stable/--). HIT owns French toll road operator Sanef (BBB+/Stable/A-2). The equalization reflects Standard & Poor's Rating Services' view that Abertis would provide timely and sufficient extraordinary support to HIT and Sanef in the event of financial distress. Parental support stems from Sanef's strategic importance for Abertis and its large contribution, through HIT, to Abertis' consolidated revenues and cash flows. In 2010, Sanef's revenues and EBITDA represented over 35% of Abertis' revenues and EBITDA on a fully consolidated basis, and slightly less than 25% on a proportionate basis. We treat HIT and Sanef as one...

Companies mentioned in this report are: Holding d'Infrastructures de Transport S.A.S.
Action: Review

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This product consists of a Summary Analysis: Bi-annual (at least). An abbreviated analysis containing Standard & Poor's issuer credit ratings as of the time the article was published. The analysis includes a rating rationale - the basis on which the rating was assigned - and an outlook section if the issuer is not on CreditWatch. Financial statistics are not included.

Holding d'Infrastructures de Transport S.A.S.

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