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Caisse Nationale des Autoroutes Jan 05
Standard & Poors, Jan 2005
Abstract
The ratings 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 guarantee of the Republic of France (AAA/Stable/A-1+). 'Ultimate' refers to the state's legal obligation; although, strictly speaking, such an obligation is not necessarily of a timely nature. Nevertheless, Standard & Poor's Ratings Services would expect the French government to honor an EPA debt repayment when due, should this be necessary. CNA is a not-for-profit, noncommercial public agency that functions solely as a financing vehicle on behalf of the French government for the nation's public sector and partly privatized toll-highway concessionaires. The concessionaires ('Soci-t-s d'Economie Mixte Concessionaires d'Autoroutes', or...
Companies mentioned in this report are: Caisse Nationale des Autoroutes,France (Republic of) (Unsolicited Ratings),Caisse des Depots et Consignations,Autoroutes du Sud de la France S.A.,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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