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Research Update: Austrian Road Project Ostregion 'B+' Long-Term Ratings Affirmed, Off Watch Negative On Fading Insolvency Prospects Dec 11

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Abstract
We recently received information from Bonaventura, the operator of an Austrian road project financed through special-purpose vehicle Ostregion, which leads us to understand the risk of the operator being declared insolvent is remote in the short-to-medium term. We are affirming our 'B+' long-term debt ratings on Ostregion's senior secured bonds and loan. At the same time we are removing the ratings from CreditWatch negative. The stable outlook reflects our view of stable, though relatively tight, senior debt service coverage ratios, and potential minimal use of the project's debt service reserve account during the remainder of the project's life. On Dec. 19, 2011 Standard & Poor's Ratings Services affirmed the 'B+' long-term ratings on the -425 million in floating-rate senior secured...

Companies mentioned in this report are: Ostregion Investmentgesellschaft Nr. 1 S.A.
Action: Affirmed
Action: Removed From CreditWatch

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.

Product Type: Research Update
Research updates complement media releases. They offer more depth and detail than summary analyses by incorporating all information published in the media release. They are more up to date than summaries in that they are published simultaneously with media releases.

Companies Mentioned

Ostregion Investmentgesellschaft Nr. 1 S.A.

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Research Update: Austrian Road Project Ostregion 'B+' Long-Term Ratings Affirmed, Off Watch Negative On Fading Insolvency Prospects Dec 11

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Report Formats

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+353-1-481-1716 or +353-1-653-1571 (from Rest of World)

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+353-1-481-1716 or +353-1-653-1571 (from Rest of World)