We have lowered our long-term corporate credit rating on Spain-based infrastructure operator Abertis Infraestructuras S.A. (Abertis) to 'BBB' from 'BBB+' due to the weakening of its business risk profile. We equalize our long-term rating on French toll road operator Sanef with that on its parent, Abertis, reflecting the strategic importance of Sanef for Abertis. We are therefore lowering our long-term corporate credit and issue ratings on Sanef to 'BBB'. The CreditWatch negative placement primarily reflects our view of the ongoing risk that we could lower our ratings on Sanef by one notch if we take a similar rating action on Abertis. On May 30, 2012, Standard&Poor's Ratings Services lowered its long-term corporate credit and issue ratings on French
