Summary: Autoroutes Paris-Rhin-Rhone S.A. Sep 09

Standard & Poors, September 2009

Abstract
The 'BBB-' corporate credit rating on French toll-road operator Autoroutes Paris-Rhin-Rhone S.A. (APRR) reflects the group's excellent business profile, tempered by an aggressive financial profile. The outlook is negative. Standard & Poor's also rates at 'BBB-' the group's -6 billion euro medium-term note (EMTN) program, its -500 million 7.5% notes due January 2015 (its initial public issuance under the MTN program), its seven-year -1.8 billion revolving credit facility (RCF) due 2013, and its seven-year -500 million medium-term loan due 2014. APRR is the fourth-largest toll-road operator in Europe. The group's highway concession, which runs until 2032, includes key economic and tourist corridors to southern France. Although it is fully exposed to traffic evolution, APRR's business quality benefits, in our view,...

Companies mentioned in this report are: Autoroutes Paris-Rhin-Rhone S.A.
Action: Review

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This product consists of a Summary Analysis: Bi-annual (at least). An abbreviated analysis containing Standard & Poor's issuer credit ratings as of the time the article was published. The analysis includes a rating rationale - the basis on which the rating was assigned - and an outlook section if the issuer is not on CreditWatch. Financial statistics are not included.

Autoroutes Paris-Rhin-Rhone S.A.

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