Strategic importance for controlling shareholder Abertis Infraestructuras S.A., which in our view would provide timely and sufficient extraordinary support to Sanef if required. Mature toll-road network, with strong and stable cash flow generation and favorable regulatory framework. No prospects of diversification into riskier activities or geographies in the short-to-medium term. Exposure to traffic risk. High debt burden and rigid dividend policy under 100% ownership by Holding d'Infrastructures de Transport. The long-term corporate credit rating on France-based toll road network operator Sanef is equalized with our 'BBB' rating on its controlling shareholder, Spain-based infrastructure operator Abertis Infraestructuras S.A. (Abertis; BBB/Watch Negative/--). Disregarding our expectation of support from Abertis, we assess Sanef's stand-alone credit profile (SACP) at 'bbb-'. The SACP reflects Standard
