On Aug. 31, 2005, Standard & Poor's Ratings Services placed its 'A+' long-term and 'A-1' short-term corporate credit ratings on France-based toll-road operator Sanef on CreditWatch with negative implications. The rating action follows the completion of the first step of the forthcoming divestment of the French state's 75.6% shareholding in the company on Aug. 22, when bid offers were remitted to the French state for Sanef. The placement on CreditWatch with negative implications reflects the greater likelihood of a downgrade by year-end 2005, now that the state has entered into the second step of the divestment process and is likely to be commencing negotiations with potential bidders in the near term. Although Standard & Poor's still does not know exactly
