Strong explicit and implicit government support from the Republic of Austria Monopoly position as constructor and operator of the Austrian network of motorways and high-speed roads Strategic importance and political consensus protecting the company from privatization risk Strong dependence on sovereign support The credit ratings on ASFINAG reflect its monopoly position as constructor and operator of the Austrian motorway and high-speed road network, strong explicit and implicit government support ensured by the company's strategic importance to the Republic of Austria (AAA/Stable/A-1+), its sole shareholder, and a tight legal framework defining the government's role in ASFINAG's operations. ASFINAG is responsible for the financing, construction, maintenance, and operation of the entire Austrian network of motorways and high-speed roads. Although the motorway network
