Cofiroute Dec 11
Standard & Poors, December 2011
Abstract
Strong market position. Decreasing capital expenditures, which will strengthen free cash flow generation. High profitability, underpinned by mature toll road networks. High leverage, and a relatively rigid dividend policy. Exposure to traffic risk. The ratings on French toll road operator Cofiroute are equalized with the ratings of its sole shareholder, France-based concession and construction group VINCI S.A. (Vinci; BBB+/Stable/A-2). The equalization reflects Standard & Poor's Ratings Services' view of the company's 83.3% ownership and control by Vinci, and the strategic importance of Cofiroute to the Vinci group's earnings and cash flows. Disregarding the relationship with Vinci, we assess Cofiroute's business risk profile as excellent. The company has a strong market position and high profitability, steaming from its mature toll road...
Companies mentioned in this report are:
- Cofiroute
- VINCI S.A.
- Atlantia SpA
- Autoroutes du Sud de la France S.A.
- Abertis Infraestructuras 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
- Cofiroute
- VINCI S.A.
- Atlantia SpA
- Autoroutes du Sud de la France S.A.
- Abertis Infraestructuras S.A.
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