We see an almost certain likelihood of Autobahnen-und Schnellstrassen-Finanzierungs-AG (ASFINAG) receiving timely and sufficient extraordinary support from the Austrian government if needed. In our opinion, ASFINAG will retain its monopoly position as Austria's road operation and construction company and continue to benefit from state guarantees on its debt issuance. We are therefore affirming our 'AA+/A-1+' ratings on ASFINAG. The outlook is stable, reflecting that on Austria. On July 16, 2019, S&P Global Ratings affirmed its 'AA+/A-1+' long- and short-term foreign and local currency issuer credit ratings on Austrian road operator Autobahnen-und Schnellstrassen-Finanzierungs-AG (ASFINAG). The outlook is stable. At the same time, we affirmed our 'AA+' issue ratings on ASFINAG's senior unsecured debt. ASFINAG is responsible for the financing, construction, maintenance,
