PARIS (Standard&Poor's) July 24, 2007--Standard&Poor's Ratings Services said today that it has assigned its 'AAA' bank loan rating to France-based toll road operator Sanef's (A/Negative/A-1) €1.5 billion senior unsecured bank loan facility. The ratings reflect the unconditional and irrevocable guarantee provided on a 50-50 basis by Financial Security Assurance (U.K.) Ltd. (AAA/Stable/--) and MBIA U.K. Insurance Ltd. (AAA/Stable/--) for the timely payment of scheduled interest and principal. The bank loan facility will help finance Sanef's funding needs, including refinancing. It has a duration of more than 11 years, with 10 fixed-term loan drawdowns between 2007 and 2016, and repayment between 2020 and 2024. Interest rates are to be locked in for the entire life of the
