On Oct. 18, 2012, we affirmed our 'BBB' long-term corporate credit rating on Spain-based infrastructure operator Abertis Infraestructuras S.A. (Abertis), following our downgrade of Spain to 'BBB-/A-3'. We equalize our long-term corporate credit rating on France-based toll road operator Sanef with that on Abertis to reflect the strategic importance of Sanef for Abertis. We are therefore affirming our 'BBB/A-2' long- and short-term corporate credit ratings on Sanef. The negative outlook on Sanef reflects that on Abertis. We could lower our ratings on Sanef if we downgrade Abertis. On Oct. 18, 2012, Standard&Poor's Ratings Services affirmed its 'BBB/A-2' long- and short-term corporate credit ratings on French toll road network operator Sanef. The outlook is negative. At the same time,
