On April 11, 2006, Standard&Poor's Ratings Services affirmed its 'A/A-1' long- and short-term corporate credit ratings on French toll-road operator Sanef. At the same time, the ratings were removed from CreditWatch with negative implications, where they had been placed on Aug. 31, 2005. The outlook is stable. The CreditWatch removal follows further analysis of the impact that Spain-based infrastructure operator Abertis Infraestructuras S.A.'s (A/Stable/--) potential acquisition of some of the Chilean concessions of Actividades de Construcciones y Servicios SA could have on the company's business and financial profile. The rating on Abertis offers some headroom for additional debt-financed acquisitions. The ratings on Sanef are the same as those on Abertis. Since Sanef's privatization in February 2006, Abertis effectively
