On May 21, 2008, Standard&Poor's Ratings Services placed its 'A-' long-term and 'A-2' short-term corporate credit ratings on France-based toll road operator Sanef on CreditWatch with negative implications. The action reflects our CreditWatch listing today of parent company Abertis Infraestructuras S.A. (A-/Watch Neg/--) following the announcement on the evening of May 19, 2008, that a consortium led by Abertis has been named preferred bidder of the Pennsylvania Turnpike (PTPK) concession--the largest U.S. toll road concession ever. The transaction must still be approved, however, by the Pennsylvania state legislature. For full details on our rating action today on Abertis, please see our Research Update "Spanish Abertis Infraestructuras S.A. 'A-' Rating On CreditWatch Negative Re Leverage Concerns" on RatingsDirect. The
