Robust and predictable cash flow generation from main toll road network Strong competitive position in the Italian transport infrastructure sector Operations regulated under a long-term concession agreement with the Italian government Aggressive financial profile Very large capital-expenditure program expected over the medium term Risk of higher-than-expected leverage The ratings on Autostrade SpA were placed on CreditWatch with negative implications on April 24, 2006, following the announcement of the company's merger with Abertis Infraestructuras S.A. (A/Watch Neg/--), one of Spain's largest infrastructure operators. The CreditWatch listing reflects Standard&Poor's Ratings Services' concerns about the group's future financial policy and strategy, although the merger itself will not necessarily have a negative impact on the merged entity's ratings. We expect to resolve
