Major importance to majority owner Abertis Strong market position Supportive concession agreements High profitability Positive discretionary free cash flow generation 100% ownership by highly leveraged holding HIT, inducing a 100% payout ratio High leverage and very weak financial measures when consolidated with HIT Weak liquidity and a burdensome redemption program Exposure to traffic risk, especially for heavy vehicles The long-term rating on French toll road operator Sanef is equalized with that on Spanish infrastructure operator Abertis Infraestructuras S.A. (A-/Negative/--). Abertis effectively exerts control over Sanef through 52.6%-owned Holding d'Infrastructures de Transport S.A.S. (HIT; A-/Negative/--), the intermediary vehicle that acquired Sanef when it was privatized in 2006. This equalization is based on Standard&Poor's Ratings Services' view that Abertis will
