Majority of cash flow generation is derived 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 are regulated under a clear and supportive long-term agreement. Prudent debt management and limited refinancing needs before 2011. Very large committed capital expenditure program. Increasing financial needs for high dividends and possible new acquisitions. Free cash flows are insufficient to cover dividends. 38% ownership by Sintonia, whose leverage could increase. The ratings on Atlantia SpA reflect its excellent business profile as Italy's largest motorway group. The majority of cash generation is derived from a mature and profitable toll road concession regulated under a clear and supportive concession
