Cofiroute Sep 10
Standard & Poors, September 2010
Abstract
Strong market position. Decreasing capital expenditures, which will strengthen free cash flow generation. High profitability underpinned by a mature network. Exposure to traffic risk. High leverage. 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, stemming 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 rating on its 83.3%-owner, VINCI S.A. (BBB+/Stable/A-2), in line with...
Companies mentioned in this report are:
- Cofiroute
- VINCI S.A.
- Autoroutes du Sud de la France 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.
- Autoroutes du Sud de la France S.A.
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