Strengths: Strong competitive position as owner and operator of Italy's major toll road concession. Operations regulated under a clear and supportive long-term agreement. Prudent debt management with sizable available lines. High leverage, pointing to an aggressive financial policy. Very large committed capital expenditure program, inducing negative free cash flow generation. Ownership via a 39% stake by holding company Sintonia, where leverage could increase. The ratings on Italy's largest motorway company Atlantia SpA reflect its business risk profile, which Standard&Poor's Ratings Services assesses as excellent. The company generates most of its cash from a mature and profitable toll road concession regulated under a clear and supportive concession agreement expiring in 2038. These factors are partially offset, in our opinion,
