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. Rising debt burden over the forecast horizon. Strong dependence on sovereign support to preserve its monopoly position. The ratings on ASFINAG reflect our 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 the event of financial distress.
