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 until 2014. High leverage and a relatively rigid dividend policy. Very large committed capital expenditure program, inducing negative free cash flow generation, and acquisitive strategy--both of which constrain the scope for deleveraging in the short to medium term. The ratings on European toll road network operator, Atlantia SpA, reflect our view that the group will retain its excellent business risk profile, thanks to the stability of its mature long-term concessions'. The company generates more than 80% of its EBITDA from the mature and profitable Italian toll road network operator, Autostrade per I'Italia SpA
