|
|
 |
|
Viewing report
|
|
|
|
Credit FAQ: Can European Toll Road Operators Navigate The Bumpy Road Ahead? Nov 11
Standard & Poors, Nov 2011
Abstract
In February 2011, the price for driving on some 8,850 kilometers of French motorways increased, on average, by 2.24% for cars and 3.06% for trucks. Motorists will face another increase in February 2012, at a time when the French government's austerity measures and high fuel prices may already be pressuring disposable incomes and corporate profits. Traffic volumes on European toll roads will undoubtedly be affected by the economic environment--particularly if a double-dip recession materializes next year, of which we estimate there is a 40% chance. (See 'The Specter Of A Double Dip In Europe Looms Larger,' published Oct. 4, 2011, on RatingsDirect on the Global Credit Portal.) However, in our view, in the current inflationary environment, contractual increases in tariffs--which...
Companies mentioned in this report are: VINCI S.A.,Atlantia SpA,Autoroutes Paris-Rhin-Rhone S.A.,Abertis Infraestructuras S.A.,Sanef,Holding d'Infrastructures de Transport S.A.S.
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: Commentary
Criteria articles describe the thought process and methodology Standard & Poor's analysts use in determining ratings. These commentary pieces discuss both the quantitative (economic and financial) and qualitative (business analysis and caliber of management) aspects of the analysis, as well as legal issues.
|
|
|
|
