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Caisse Nationale des Autoroutes Jan 12
Standard & Poors, Jan 2012
Abstract
Almost certain likelihood of extraordinary financial support from the Republic of France. Integral link with the central government, which transpires in strong state monitoring. Critical role for the Republic of France in view of Caisse Nationale des Autoroutes' (CNA) politically important mandate as the state body that manages the debt issued to finance the construction of the French toll-road network since 1963. Cash inflows from toll-road operators (TRO) that exactly match CNA's cash outflows and no record of delay in the transfer of the funds from TROs. High degree of predictability of stress situations at TROs, owing to government monitoring and regulation of the TRO sector. Absence of a formal and direct mechanism of state support, notably reflected by the...
Companies mentioned in this report are: Caisse Nationale des Autoroutes
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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