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 needs. High leverage and a relatively rigid dividend policy. Very large committed capital expenditure program, inducing negative free cash flow generation, and an acquisitive strategy--both of which constrain the scope for deleveraging in the short-to-medium term. The ratings on Italy-based toll road operator Atlantia and its subsidiary Autostrade per I'Italia SpA (ASPI) reflect Standard&Poor's Ratings Services' view of both companies' "strong" business risk profile, which is tempered by their "significant" financial risk profile, as our criteria define these terms. We equalize the ratings on ASPI with those on Atlantia to reflect
