On June 1, 2006, Standard&Poor's Ratings Services said that its 'A/A-1' long- and short-term corporate credit ratings on French toll-road operator Sanef remain on CreditWatch with negative implications, where it was placed on April 24, 2006, following the announcement of a merger between Spain-based infrastructure operator Abertis Infraestructuras S.A. (A/Watch Neg/--) and Italian toll-road operator Autostrade SpA (A/Watch Neg/A-1). The ratings on Sanef are equalized with those on Abertis. Since Sanef's privatization in February 2006, Abertis effectively exerts control over Sanef through 57.6%-owned Holding d'Infrastructures de Transport S.A.S. (HIT; A/Watch Neg/--), the intermediary vehicle that acquired Sanef. Similarly, the CreditWatch placement reflects that of Abertis, resulting from its complex merger with Autostrade and uncertainties regarding the final outcome.
