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Autoroutes Paris-Rhin-Rhone Nov 05
Standard & Poors, Nov 2005
Abstract
Strong and recurring cash flow generation stemming mainly from a mature toll-road network; Low traffic risk; A supportive regulatory and concession framework; High free cash flow generation; and Limited investment needs. Moderately aggressive financial profile expected to weaken if the state completes its divestment process; and A policy of high dividends, which could be increased by a potential new acquirer. The ratings on France-based toll-road concessionaire Autoroutes Paris-Rhin-Rh-ne (APRR) reflect the company's robust recurring cash flows, a supportive regulatory regime, and limited construction risk. These strengths are offset by APRR's high dividend policy and still-modest credit protection ratios following the -1.35 billion ($1.64 billion) capital increase from the late-2004 IPO. APRR is the third-largest toll-road operator in Europe, with a...
Companies mentioned in this report are: Autoroutes Paris-Rhin-Rhone S.A.
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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