Research Update: French Toll Road Operator Sanef And Its Parent HIT Assigned 'BBB' Ratings; Outlook Stable

French toll road operator Sanef directly manages 1,779 kilometers of a mature and resilient network in France under a supportive regulatory framework. Holding d'Infrastructures de Transport S.A.S (HIT) is the holding company of Sanef. Therefore, we assess their stand-alone creditworthiness on a combined basis. Their 'a-' stand-alone credit profiles are constrained by their more-leveraged parent Abertis Infraestructuras (BBB/Stable/A-2), a Spain-based toll road network operator with global presence. Sanef is Abertis' single largest contributor of EBITDA (about 33% in 2018) and plays an integral role in the group's strategy. We are assigning our 'BBB' long-term issuer credit rating to Sanef and 'BBB/A-2' long- and short-term issuer credit ratings to HIT. We are also assigning a 'BBB' issue rating to HIT's senior

...- French toll road operator Sanef directly manages 1,779 kilometers of a mature and resilient network in France under a supportive regulatory framework. Holding d'Infrastructures de Transport S.A.S (HIT) is the holding company of Sanef. Therefore, we assess their stand-alone creditworthiness on a combined basis. - Their 'a-' stand-alone credit profiles are constrained by their more-leveraged parent Abertis Infraestructuras (###/Stable/A-2), a Spain-based toll road network operator with global presence. Sanef is Abertis' single largest contributor of EBITDA (about 33% in 2018) and plays an integral role in the group's strategy. - We are assigning our '###' long-term issuer credit rating to Sanef and '###/A-2' long- and short-term issuer credit ratings to HIT. We are also assigning a '###' issue rating to HIT's senior unsecured debt. - The stable outlook on HIT and Sanef mirrors that on their parent company, Abertis....

Research Update