On June 1, 2006, Standard&Poor's Ratings Services said that its 'A' long-term and 'A-1 short-term corporate credit ratings on Italy's largest toll road operator Autostrade SpA remain on CreditWatch with negative implications while the merger process continues with Spanish infrastructure operator Abertis Infraestructuras S.A. (A/Watch Neg/--). The ratings were placed on CreditWatch on April 24, 2006, following the announcement of the merger. The negative CreditWatch implications reflect the complexity of the merger process and uncertainties regarding the final outcome. If, however, the merger is implemented as per the conditions indicated by the merging entities, upon completion of the transaction we expect to affirm the rating on enlarged Abertis group and assign a stable outlook. At the same time,
