French Toll Road Operator Sanef's EMTN Program Rated 'BBB-'; On Watch Negative

We are assigning our 'BBB-' issue credit rating to French toll road operator Sanef's €3 billion euro medium-term note (EMTN) program. We equalize the issue rating with the 'BBB-' issuer rating on Sanef, which mirrors our rating on ultimate parent Abertis Infraestructuras S.A. The CreditWatch placement with negative implications reflects that on Abertis. MADRID (S&P Global Ratings) Feb. 4, 2020--S&P Global Ratings today said it took the rating action listed above. Although Sanef does not have any committed plans to issue any debt in the near term, any notes issued under the program will rank pari passu with the organization's other senior unsecured debt. The issue rating mirrors our long-term issuer credit rating on Sanef. Our 'BBB-' ratings on Sanef

...February 4, 2020 - We are assigning our '###-' issue credit rating to French toll road operator Sanef's 3 billion euro medium-term note (EMTN) program. - We equalize the issue rating with the '###-' issuer rating on Sanef, which mirrors our rating on ultimate parent Abertis Infraestructuras S.A. - The CreditWatch placement with negative implications reflects that on Abertis. MADRID (S&P Global Ratings) Feb. 4, 2020--S&P Global Ratings today said it took the rating action listed above. Although Sanef does not have any committed plans to issue any debt in the near term, any notes issued under the program will rank pari passu with the organization's other senior unsecured debt. The issue rating mirrors our long-term issuer credit rating on Sanef. Our '###-' ratings on Sanef and parent Holding d'Infrastructures de Transport (HIT) reflect the one on their ultimate parent Abertis Infraestructuras S.A. This is because, in our view, Sanef's French toll road assets play an integral strategic role...

Ratings Action