On April 8, 2008, following its downgrade of Spanish infrastructure operator Abertis Infraestructuras S.A. (A-/Stable/--), Standard&Poor's Ratings Services lowered its long-term and short-term corporate credit ratings on French toll road operator Sanef to 'A-/A-2' from 'A/A-1'. At the same time, the ratings were removed from CreditWatch, where they had been placed with negative implications on Nov. 16, 2007, following Abertis' CreditWatch placement. The outlook is stable. The 'AAA' rating on Sanef's senior unsecured bank loan, which is insured equally by Financial Security Assurance (U.K.) Ltd. and MBIA U.K. Insurance Ltd., remains unchanged. The long-term rating on Sanef is the same as that on Abertis, which effectively exerts control over Sanef through 52.6%-owned Holding d'Infrastructures de Transport S.A.S. (HIT;
