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Caisse Nationale des Autoroutes Mar 06
Standard & Poors, March 2006
Abstract
The ultimate statutory guarantee of the Republic of France on all the entity's obligations; A politically essential mandate as the state body for financing the construction of the large French toll-road network since 1963; and Absence of long-term privatization prospects. Very high debt, the capacity for repayment of which primarily relies on French toll-road operators; High concentration risk with three entities representing 90% of the loans due to, and undertaken by, CNA; and Deteriorating counterparty risk as a result of the ongoing privatization of the French toll-road operators. The rating on Caisse Nationale des Autoroutes (CNA) reflects the agency's 100% state ownership and status as an 'Etablissement Public National - Caract-re Administratif' (EPA). This status gives CNA's obligations the ultimate...
Companies mentioned in this report are: Caisse Nationale des Autoroutes,Caisse des Depots et Consignations,Autoroutes du Sud de la France S.A.,Autoroutes Paris-Rhin-Rhone S.A.,Sanef
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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