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Research Update: Autoroutes Paris-Rhin-Rhone Cut To 'BBB/A-2' On Expected Higher Leverage; Still On Watch Neg Jan 06 Product Image

Research Update: Autoroutes Paris-Rhin-Rhone Cut To 'BBB/A-2' On Expected Higher Leverage; Still On Watch Neg Jan 06

  • ID: 1858814
  • January 2006
  • Standard & Poors

Abstract
On Jan. 25, 2006, Standard & Poor's Ratings Services lowered its long-term corporate credit rating on France-based toll road operator Autoroutes Paris-Rhin-RhOn Jan. 25, 2006, Standard & Poor's Ratings Services lowered its long-term corporate credit rating on France-based toll road operator Autoroutes Paris-Rhin-Rhône (APRR) to 'BBB' from 'A'. The short-term rating was lowered to 'A-2' from 'A-1'. The ratings remain on CreditWatch with negative implications, where they were originally placed on Aug. 31, 2005, following completion of the first step by the French state to divest its 70.2% shareholding in the company. At the same time, Standard & Poor's lowered its long-term rating on APRR's senior unsecured €800 million seven-year revolving credit facility maturing in September 2012 to 'BBB' from 'A'. The rating remains on CreditWatch with negative implications, in line with the corporate credit rating. The downgrade reflects the expected...

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

Action: Downgraded
Action: On CreditWatch:Negative

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