...June 29, 2022 - Shortening concession life can weaken our view of rated French toll road operators' competitive positions because we see reduced cash flow as an asset constraint compared with operators not exposed to finite asset life or with longer concession maturities. - We have therefore revised our view of Sanef's business risk to strong from excellent, given it is the first among the four French motorway operators we rate for which the main concession has entered the final 10 years of operation, the other operators being APRR, Autoroutes du Sud de la France (ASF), and Cofiroute, which benefit from additional years of operation and which we continue to see having excellent business risk. - Sanef's weakening competitive position is mitigated by robust credit metrics, with our adjusted funds from operations (FFO) to debt forecast at 18%-21% in 2022-2024, commensurate with an 'a-' stand-alone credit profile (SACP), in line with APRR (18%-21%). - We continue to foresee stronger credit...
