On Nov. 16, 2007, Standard&Poor's Ratings Services placed its 'A/A-1' long- and short-term corporate credit ratings on French toll road operator Sanef on CreditWatch with negative implications. The long-term rating on Sanef is the same as that on Spain-based infrastructure operator Abertis Infraestructuras S.A. (A/Watch Neg/--). Since Sanef's privatization, Abertis effectively exerts control over Sanef through 52.6%-owned Holding d'Infrastructures de Transport S.A.S. (HIT; A/Watch Neg/--), the intermediary vehicle that acquired Sanef. The CreditWatch placement reflects that of Abertis. The CreditWatch follows Abertis' announcement of its nonbinding bid on the transmission towers business of Italy's Wind Telecomunicazioni SpA (B+/Stable/--) and 3 Italia SpA (not rated), and reflects our concerns and lack of visibility about the company's acquisition strategy and
