On Nov. 30, 2005, Standard & Poor's Ratings Services said that its 'A+' long-term and 'A-1' short term corporate credit ratings on France-based toll-road operator Sanef remain on CreditWatch with negative implications, where they had originally been placed on Aug. 31, 2005. The CreditWatch placement followed the completion of the first step of the forthcoming divestment of the French state's 75.6% shareholding in Sanef. The ratings will remain on CreditWatch pending completion of the privatization process. Although Standard & Poor's still does not know exactly which bidders will be retained and what form the sale will take, we continue to expect either a more aggressive financial profile for Sanef, or ownership by and potential consolidation with an entity with a
