Autoroutes Paris Rhin Rhone - APRR http://www.alacrastore.com/company-snapshot/Autoroutes_Paris_Rhin_Rhone_APRR-1093163 Saturday, September 06, 2008 8:13:07 PM 1093163 Autoroutes Paris Rhin Rhone - APRR en AlacraStore RSS Builder 1.0 30 http://www.alacrastore.com/storecontent/spcred/664832spcred/664832normThe latest Full Report from S&Pglobal8/13/2008 8:31:41 AM400Full Report664832FranceHighways & RailtracksEurope, Middle East, AfricaGlobal IssuersCorporationsUtilitiesFull ReportStrong and recurring cash flow generation stemming mainly from a mature toll-road network Supportive regulatory and concession framework Limited investment needs Aggressive financial profile High dividends policy, resulting in increasing indebtedness Sustained, if moderate, refinancing risk The 'BBB-' senior unsecured debt ratings on the seven-year €1.8 billion revolving credit facility (RCF) due 2013, the seven-year €500 million medium-term loan due 2014, and the €6 billion euro medium-term note (EMTN) program issued by French toll road operator Autoroutes Paris-Rhin-Rhône (APRR) reflect the group's strong business profile, tempered by an aggressive financial profile and moderate refinancing risks. APRR is the fourth-largest toll-road operator in Europe. The group's highway concession, which extends until 2032, includes key economic and tourist corridors to southern France.FRA20305020 203050 2030 20Autoroutes Paris-Rhin-Rhone380692EUROMIDAFRFULLGLOBISSCORPUTILCredit & Investment ResearchS&P Credit Researchhttp://www.alacrastore.com/storecontent/spcred/664833spcred/664833normThe latest Summary from S&Pglobalstructured8/13/2008 8:31:00 AM175Summary664833FranceHighways & RailtracksEurope, Middle East, AfricaGlobal IssuersStructured FinanceSovereignsCorporationsInternational Public FinanceUtilitiesResidential MBSSummaryThe 'BBB-' senior unsecured debt ratings on the seven-year €1.8 billion revolving credit facility (RCF) due 2013, the seven-year €500 million medium-term loan due 2014, and the €6 billion euro medium-term note (EMTN) program issued by French toll road operator Autoroutes Paris-Rhin-Rhône (APRR) reflect the group's strong business profile, tempered by an aggressive financial profile and moderate refinancing risks. APRR is the fourth-largest toll-road operator in Europe. The group's highway concession, which extends until 2032, includes key economic and tourist corridors to southern France. Although it is fully exposed to traffic evolution, APRR's business quality benefits from a strong and recurring cash flow generation, stemming largely from a mature and large toll road network. The economic recovery in France togetherFRA20305020 203050 2030 20Autoroutes Paris-Rhin-Rhone380692EUROMIDAFRSUMMARYFRAF1309420305020 203050 2030 20Caisse Nationale des Autoroutes100352USAEUROMIDAFR226302Z@FPGLOBISSSTRUCSOVCORPGOVSUTILRMBSCredit & Investment ResearchS&P Credit Researchhttp://www.alacrastore.com/storecontent/spcred/634030spcred/634030normThe latest Summary from S&P3/5/2008 1:12:07 PMSummary175global634030FranceHighways & RailtracksEurope, Middle East, AfricaGlobal IssuersCorporationsUtilitiesSummaryThe senior unsecured debt ratings on the seven-year €1.8 billion revolving credit facility (RCF) due 2013, the seven-year €500 million medium-term loan due 2014, and the €6 billion euro medium-term note (EMTN) program issued by French toll road operator Autoroutes Paris-Rhin-Rhône (APRR) are all 'BBB-'. APRR is the third-largest toll-road operator in Europe, with a network of 2,215 kilometers (km) in service and 2,279 km under concession until 2032. The group's highway concession network is located across central and eastern France and includes key economic and tourist corridors to southern France. At Dec. 31, 2007, utilization under the RCF was €955 million and the medium-term loan facility was fully drawn. No bonds have been issued under the EMTN program. AtFRA20305020 203050 2030 20Autoroutes Paris-Rhin-Rhone380692EUROMIDAFRSUMMARYGLOBISSCORPUTILCredit & Investment ResearchS&P Credit Researchhttp://www.alacrastore.com/storecontent/moodys/COP_600063614moodys/COP_600063614htmlGlobal Credit Research Credit Opinion # AUG #### Credit Opinion: Societe des Autoroutes Paris-Rhin-Rhone- APRR Socit des Autoroutes Paris-Rhin-Rhone - APRR Dijon, France Ratings Category Moody's Rating Outlook Stable Senior Unsecured...11/22/2007 12:15:00 PMhtmlSociete des Autoroutes Paris-Rhin-Rhone- APRRSociete des Autoroutes Paris-Rhin-Rhone- APRR600063614150.0000NewsCredit OpinionCOP_600063614Credit & Investment ResearchMoody's Global Credit Researchhttp://www.alacrastore.com/storecontent/spcred/605618spcred/605618normThe latest News from S&P10/3/2007 10:28:00 AMNews100global605618FranceHighways & RailtracksEurope, Middle East, AfricaGlobal IssuersCorporationsUtilitiesNewsLONDON (Standard&Poor's) Oct. 3, 2007--Standard&Poor's Ratings Services said today that it assigned its 'BBB-' debt rating to the senior unsecured €6 billion EMTN program issued by French toll road operator Autoroutes Paris-Rhin-Rhone (APRR). The outlook is stable. The EMTN program will be used to refinance the remainder of the group's revolving credit facility (RCF) and to finance debt repayments to Caisse Nationale des Autoroutes (CNA; AAA/Stable/--) and increasing capital expenditures at APRR. The rating on notes issued under the EMTN program will not necessarily be the same as the rating assigned to the program itself. Any debt issued under the program which we deem to be subordinate in any way to senior unsecured debt issued byFRA20305020 203050 2030 20Autoroutes Paris-Rhin-Rhone380692EUROMIDAFRNEWSGLOBISSCORPUTILCredit & Investment ResearchS&P Credit Research