On March 30, 2006, Standard & Poor's Ratings Services lowered its long-term corporate credit rating on French toll-road operator Sanef to 'A' from 'A+'. At the same time, the short-term rating was affirmed at 'A-1'. The ratings remain on CreditWatch with negative implications, where they had originally been placed on Aug. 31, 2005. Sanef's CreditWatch status reflects the CreditWatch placement of Spanish infrastructure operator Abertis Infraestructuras S.A. (A/Watch Neg/--). Since Sanef's privatization in February 2006, Abertis effectively exerts control over Sanef through 57.6%-owned Holding d'Infrastructures de Transport S.A.S. (HIT; A/Watch Neg/--), the intermediary acquisition vehicle that acquired Sanef. Abertis' CreditWatch status reflects our concern about its financial and business profiles should the potential acquisition of Actividades de Construccion y Servicios
