...Abertis France SAS's Long-Term Issuer Default Rating (IDR) of `BBB' is constrained at parent Abertis Infraestructuras, S.A.'s (Abertis) `BBB' Long-Term IDR, reflecting their strong linkage under Fitch's Parent Subsidiary Linkage rating criteria. Abertis France's Standalone Credit Profile (SCP) is `a-'. The parent has full ownership and operational control of Abertis France, and full access to its cash flow generation. SANEF's Long-Term IDR of `BBB' reflects the absence of material ring-fencing features in SANEF's concession agreement and Abertis France's full ownership and operational control combined with full access to SANEF's cash flows. SANEF represents a substantial part of Abertis France's business....
