On April 24, 2006, Standard&Poor's Ratings Services placed its 'A/A-1' long- and short-term corporate credit ratings on French toll-road operator Sanef on CreditWatch with negative implications. The long-term rating on Sanef is the same as that on Spain-based infrastructure operator Abertis Infraestructuras S.A. (A/Watch Neg/--). 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. The CreditWatch placement reflects that of Abertis. The CreditWatch placement follows the announcement of the merger between Abertis and Autostrade SpA (A/Watch Neg/A-1), and reflects Standard&Poor's concerns about the group's future financial policy and strategy. The merger alone will not necessarily have a
