Major importance to majority owner Abertis Strong market position Supportive concession agreements High profitability Increasing positive free cash flow generation Exposure to traffic risk A weak financial profile Aggressive distribution Refinancing risk The ratings on Sanef are equalized with those on Abertis Infraestructuras S.A. (A/Negative/--). Following its privatization, Sanef is controlled by Abertis through 52.6%-owned Holding d'Infrastructures de Transport S.A.S. (HIT; A/Negative/--), the intermediary vehicle that acquired Sanef. The rating on Abertis reflects the company's excellent business profile, with strong and stable cash flow generation derived largely from its toll-road concession business, a supportive regulatory framework both in Spain and France, and fairly manageable future capital-expenditure needs. These strengths are offset by Abertis' weakened financial profile and lack of dividend
