Major importance to majority owner Abertis Strong market position Supportive concession agreements High profitability Increasing positive free cash flow generation Exposure to traffic risk High share of trucks in the traffic mix, which increases sensitivity to economic downturns An aggressive financial profile 100% dividend payout The ratings on French toll road operator Sanef are on CreditWatch with negative implications, reflecting the May 21, 2008, CreditWatch listing of parent company Abertis Infraestructuras S.A. (A-/Watch Neg/--) following the announcement that an Abertis-led consortium had been named preferred bidder of the Pennsylvania Turnpike (PTPK) concession. The transaction must still be approved by the Pennsylvania state legislature. The long-term rating on Sanef is currently equalized with that on Abertis. Since Sanef's privatization, Abertis effectively
