Almost certain likelihood of extraordinary government support. Practically all financial debt benefits from a timely, unconditional, and irrevocable guarantee. Critical role for the Austrian government as monopoly constructor and operator of the Austrian motorway and high-speed road network. Integral link with the Austrian government as a wholly owned subsidiary subject to a tight legal, planning, and control framework. Strategic importance and political consensus protecting the company from privatization risk. Increasing drain on cash from investment activities. Strong dependence on sovereign support. The ratings on Austrian road operator Autobahnen-und Schnellstrassen-Finanzierungs-AG (ASFINAG) reflect Standard&Poor's Ratings Services' opinion that there is an almost certain likelihood that the Republic of Austria (AA+/Stable/A-1+) would provide timely and sufficient extraordinary support to ASFINAG in
