Summary: Cofiroute Aug 11
Standard & Poors, August 2011
Abstract
The ratings on French toll road operator Cofiroute reflect Standard & Poor's Ratings Services' view of the company's strong market position and high profitability, steaming from a mature network. The network, in our opinion, benefits from a supportive inflation-indexed tariff formula and the capacity for steady deleveraging in the future. This is underpinned by decreasing capital expenditures (capex). We consider that Cofiroute's exposure to traffic risk and its high debt offset these strengths. The rating on Cofiroute is capped at the level of the ratings on its 83.3% owner, VINCI S.A. (BBB+/Stable/A-2), in line with our corporate criteria methodology. This will continue to be the case as long as Vinci retains majority control of Cofiroute. The ratings on France-based VINCI...
Companies mentioned in this report are:
- Cofiroute
- European Investment Bank
- VINCI 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.
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.
- Cofiroute
- European Investment Bank
- VINCI S.A.
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