...- The solid performance from toll road and airport assets within Mundys' portfolio strengthens our view of the quality of its global footprint, reflecting its strong business risk profile. - At the same time, significant minorities across many key subsidiaries, apart from almost fully owned Aeroporti di Roma, remain a relatively negative credit consideration. - We expect Mundys' adjusted funds from operations (FFO) to debt to remain at about 12%-13% over 2024-2026, based on the proportionate consolidation of the 50%-owned Abertis. - Our forecasts do not include potential additional debt stemming from any acquisitions Abertis may pursue to extend its average concession life (ahead of key French toll-road concession expirations in 2031-2033). - We have therefore affirmed our '##+' long-term issuer credit and issue ratings on Mundys, along with our 'B' short-term issuer credit rating. - The stable outlook reflects our expectation that the group will continue to generate cash flows from stable...
