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Autoroutes Paris-Rhin-Rhone Aug 08
Standard & Poors, Aug 2008
Abstract
Strong and recurring cash flow generation stemming mainly from a mature toll-road network Supportive regulatory and concession framework Limited investment needs Aggressive financial profile High dividends policy, resulting in increasing indebtedness Sustained, if moderate, refinancing risk The 'BBB-' senior unsecured debt ratings on the seven-year -1.8 billion revolving credit facility (RCF) due 2013, the seven-year -500 million medium-term loan due 2014, and the -6 billion euro medium-term note (EMTN) program issued by French toll road operator Autoroutes Paris-Rhin-Rh-ne (APRR) reflect the group's strong business profile, tempered by an aggressive financial profile and moderate refinancing risks. APRR is the fourth-largest toll-road operator in Europe. The group's highway concession, which extends until 2032, includes key economic and tourist corridors to southern France....
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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