Strong competitive position as the largest toll road operator in Italy. Stable and predictable operations regulated under clear long-term agreements. Exposure to traffic and passenger volume risk. High debt burden and rigid dividend policy, limiting the scope of deleveraging. Large capital expenditure (capex) program leading to negative free cash flow generation, but we understand the group has some flexibility on its program. Strong and relatively stable operating cash flow generation. The stable outlook on Italy-based toll-road and airport operator Atlantia SpA reflects Standard&Poor's Ratings Services' base-case forecast that Atlantia's Standard&Poor's-adjusted funds from operations (FFO) to debt will be about 13% for financial 2014 and improve from this level thereafter. Our expectation of a gradual improvement in
