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Caisse Nationale des Autoroutes Mar 07
Standard & Poors, March 2007
Abstract
Ultimate statutory sovereign guarantee over the entity's obligations A politically essential mandate as the state body for financing construction of the French toll-road network since 1963 No stated government intention to change the agency's mandate Absence of long-term privatization prospects Very high debt, the capacity for repayment of which primarily relies on French toll-road operators High concentration risk with three entities representing 90% of the loans due to, and undertaken by, CNA Increasing counterparty risk, owing to the ongoing privatization of the French toll-road operators The rating on French toll-road financing agency Caisse Nationale des Autoroutes (CNA) reflects its 100% state ownership, and status as an 'Etablissement Public National - Caract-re Administratif' (EPA). CNA's EPA status affords its obligations the...
Companies mentioned in this report are: Caisse Nationale des Autoroutes,Societe Nationale des Chemins de Fer Francais,Agence Francaise de Developpement,France (Republic of) (Unsolicited Ratings),Caisse d'Amortissement de la Dette Sociale,Caisse Centrale de Reassurance,Reseau Ferre de France,Societe Anonyme de Gestion de Stocks de Securite
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
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