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Autoroutes du Sud de la France S.A. Feb 11
Standard & Poors, Feb 2011
Abstract
Very strong market position. Supportive and long-term concession agreements. High profitability. Positive free cash flow. Exposure to traffic risk. High leverage. Very aggressive dividend distribution. The ratings on French toll road operator, Autoroutes du Sud de la France S.A. (ASF), reflect the company's full ownership and control by France-based concession and construction group VINCI S.A. (BBB+/Stable/A-2). Also supportive are ASF's strong market position, with highly diversified toll road network operations in France; an inflation-indexed tariff formula; high profitability; and positive free cash flow. These strengths are offset by ASF's exposure to traffic risk, its high leverage, and very aggressive 100% dividend distribution policy. The ratings on VINCI reflect Standard & Poor's Ratings Services' view of the group's strong market positions...
Companies mentioned in this report are: Autoroutes du Sud de la France S.A.,Cofiroute,VINCI 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
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