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Atlantia SpA Oct 11
Standard & Poors, Oct 2011
Abstract
Strong and stable cash flow generation from its mature toll road concessions in Italy. Operations regulated under a clear long-term agreement. Prudent debt management with limited refinancing until 2014. High leverage and a relatively rigid dividend policy. Very large committed capital expenditure program, inducing negative free cash flow generation, and acquisitive strategy--both of which constrain the scope for deleveraging in the short to medium term. The ratings on European toll road network operator, Atlantia SpA, reflect our view that the group will retain its excellent business risk profile, thanks to the stability of its mature long-term concessions'. The company generates more than 80% of its EBITDA from the mature and profitable Italian toll road network operator, Autostrade per I'Italia SpA...
Companies mentioned in this report are: Atlantia SpA,Cofiroute,Autoroutes du Sud de la France S.A.,Abertis Infraestructuras S.A.,Autostrade per I'Italia SpA
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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