Majority cash flow generation from a stable and profitable toll road concession Strong competitive position as owner and operator of Italy's major toll road concession Operations of the main concession regulated under a clear and supportive long-term agreement Prudent debt management with limited refinancing needs before 2011 Very large capital expenditure program Aggressive financial policy with high dividends and expected higher acquisitions Moving shareholder structure The ratings on Atlantia SpA (formerly Autostrade SpA) reflect its excellent business profile as Italy's largest motorway group, with the majority of cash generation derived from a mature and profitable toll road concession regulated under a clear and supportive concession agreement expiring in 2038. The ratings also reflect a strong competitive position and prudent debt
