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Autoroutes Paris-Rhin-Rhone Nov 04
Standard & Poors, Nov 2004
Abstract
Strong and recurring cash flow generation stemming mainly from a mature toll-road network; Low traffic risk and a supportive regulatory and concession framework; High free cash flow generation; and Limited investment needs. Moderately aggressive financial profile; and An expected high dividend policy. The ratings on France-based toll-road concessionaire Autoroutes Paris-Rhin-Rh-ne (APRR)--which operates Europe's third-largest interconnected toll-highway network principally located across central and the eastern parts of France--reflect the company's robust recurring cash flows, a supportive regulatory regime, limited construction risk, and a cash injection of -1.35 billion following a planned IPO at the end of November 2004. The French state, APRR's 100% owner, plans an IPO of about 30% of the company. These strengths are offset by APRR's high dividend...
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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