Bulletin: No Immediate Rating Action On French Toll Road Operators After Proposed Tax Increase Announced Dec 08

Standard & Poors, December 2008

Abstract
MADRID, (Standard & Poor's) Dec. 2, 2008--Standard & Poor's Ratings Services said today that there is no immediate impact on the ratings of French toll road network operators (Autoroutes Paris-Rhin-Rhone, 'BBB-' bank loan and senior unsecured debt ratings; Autoroutes du Sud de la France S.A., BBB+/Stable/A-2; Cofiroute, BBB+/Stable/A-2; and Sanef, A-/Negative/A-2) following the release of the draft 2009 French budget bill ("Projet de Loi de finances pour 2009"), which proposes a substantial increase in the local government royalty, "redevance domaniale." This tax is calculated on the basis of: --The revenues earned by the concessionaire from its motorway concession activity, operated in the public domain, and --The number of kilometers of motorways operated at Dec. 31 of the preceding year. This...

Companies mentioned in this report are:
- Autoroutes Paris-Rhin-Rhone S.A.
- Cofiroute
- Autoroutes du Sud de la France S.A.
- Sanef

Action: Bulletin

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: News
This product is a is a brief one-page announcement of no more than 500 words with a quote from the analyst. It is media and investor focused with no accompanying commentary article.

- Autoroutes Paris-Rhin-Rhone S.A.
- Cofiroute
- Autoroutes du Sud de la France S.A.
- Sanef

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