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Industry Report Card: European Toll Road Network Operators Should Remain Resilient, But Refinancing And Country Risks Could Constrain Ratings Jan 12
Standard & Poors, Jan 2012
Abstract
Standard & Poor's Rating Services considers the outlook for rated European toll road network operators (TRNOs) to be predominantly stable, although we see some risk related to upcoming refinancings and the ongoing European sovereign debt crisis. The recent deterioration in the economic environment (see European Economic Outlook: Back In Recession,' published Dec. 1, 2011, on RatingsDirect on the Global Credit Portal) will, in our view, adversely affect traffic volumes on European toll roads in 2012. Our base-case credit scenario is that this recession will be mild, and therefore traffic volumes in 2012 should remain broadly similar to those in 2011. Accordingly, we anticipate that in 2012, year-on-year movements in issuers' revenues will be mainly driven by contractual increases in tariffs....
Companies mentioned in this report are: Italy (Republic of) (Unsolicited Ratings),Cofiroute,VINCI S.A.,Atlantia SpA,Autoroutes du Sud de la France S.A.,Autoroutes Paris-Rhin-Rhone S.A.,Abertis Infraestructuras S.A.,Sanef,Autostrade per I'Italia SpA,Ferrovial S.A.
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.
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