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 ratings on Autobahnen- und Schnellstrassen-Finanzierungs-Aktiengesellschaft (ASFINAG) reflect our opinion that there is an "almost certain" likelihood that the Republic of Austria (AAA/Stable/A-1+) would provide timely and sufficient extraordinary support to ASFINAG in the event of financial distress. In accordance with our criteria for rating government-related entities (GREs), our view of an "almost certain" likelihood of extraordinary government support is based on our assessment of ASFINAG's: "Critical" role for the Republic as its sole agent with a monopoly
