On Feb. 14, 2013, Standard&Poor's Ratings Services affirmed its 'BBB' long-term and 'A-2' short-term corporate credit ratings on France-based toll road network operator Sanef. We subsequently withdrew these ratings at the issuer's request. At the time of the withdrawal, the outlook on Sanef was negative. At the time of the withdrawal, the long-term rating on Sanef was equalized with our 'BBB' rating on its controlling shareholder, Spain-based infrastructure operator Abertis Infraestructuras S.A. (Abertis; BBB/Negative/--). The equalization reflected our view that Abertis would provide timely and sufficient extraordinary support to Sanef in the event of financial distress. This support stems from Sanef's strategic importance to Abertis, and Sanef's large contribution to Abertis' consolidated revenues and cash flows. Disregarding our
