We have affirmed our 'BBB' long-term corporate credit rating on Spain-based infrastructure operator Abertis Infraestructuras S.A. (Abertis), the controlling shareholder of French toll road network operator Sanef, and removed the rating from CreditWatch negative. We equalize our long-term corporate credit rating on Sanef with that on Abertis to reflect the strategic importance of Sanef for Abertis. We are therefore affirming our 'BBB/A-2' long- and short-term corporate credit ratings on Sanef and removing them from CreditWatch negative. The negative outlook on Sanef reflects that on Abertis. We could lower our rating on Sanef by one notch if we take a similar rating action on Abertis. On Sept. 10, 2012, Standard&Poor's Ratings Services affirmed its 'BBB/A-2' long- and short-term corporate
