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. Almost certain likelihood of extraordinary government support. Strong explicit government support provided through timely, unconditional, and irrevocable guarantees for bond issues. 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 Standard&Poor's Ratings Services' 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
