Autobahnen-und Schnellstrassen-Finanzierungs-AG

This report does not constitute a rating action. Overview Key strengths Key risks Almost certain likelihood of receiving timely and sufficient extraordinary support from the Austrian government if needed. Limited financial flexibility due to the tight legal, planning, and control framework imposed by the Austrian government. Undisputed monopoly position as Austria's motorway operation and construction company. Very high debt. Debt issuance via a Euro medium-term note (EMTN) program that is supported by a full, explicit, unconditional, and irrevocable guarantee from the Austrian government. We continue to view the likelihood of extraordinary government support for ASFINAG from Austria (AA+/Positive/A-1+) as almost certain. This leads us to equalize the ratings ASFINAG with those on Austria. ASFINAG is responsible for the financing, construction,

...S&P Global Ratings believes that the legal framework for Autobahnen- und Schnellstrassen-Finanzierungs-AG (ASFINAG) will continue to allow the company to fully finance its operations. We continue to view the likelihood of extraordinary government support for ASFINAG from Austria (##+/Positive/A-1+) as almost certain. This leads us to equalize the ratings ASFINAG with those on Austria. ASFINAG's monopoly position supports the importance of its business for the sovereign. ASFINAG is responsible for the financing, construction, maintenance, and operation of the entire Austrian network of motorways and high-speed roads. The company is incorporated under the ASFINAG Law, which states that the Austrian government is responsible for ensuring that ASFINAG can finance its operations and capital investments. In our view, there is currently no transition risk regarding ASFINAG's role for and link to the government. We believe that there is no doubt regarding the Austrian government's continuous willingness...

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