Major importance to majority owner Abertis; Well-diversified toll-road network operations in France, with established traffic and above-average traffic growth rates; A supportive regulatory and concession framework, with favorable toll-escalation indices; Strong and recurring cash flow generation, stemming mainly from a mature toll-road network; Increasing, albeit still limited, free cash flow generation; and Limited investment needs and construction risk. A highly leveraged financial profile following the acquisition by Holding d'Infrastructures de Transport, with marginal improvement expected over the medium term; 100% dividend payout limiting debt burden curtailment; and High refinancing risks and no liquidity backup lines. The ratings on France-based toll-road operator Sanef reflect its well-diversified toll-road network operations in France, with established traffic and above-average traffic growth rates, a supportive
