Major importance to majority owner Abertis. Strong market position. Supportive concession agreement. High profitability. Positive discretionary free cash flow generation. Exposure to traffic risk, especially for heavy vehicles. High leverage and very weak financial measures when consolidated with HIT. Weak liquidity and a burdensome redemption program. 100% ownership by highly leveraged holding HIT, inducing a 100% payout ratio. The long-term rating on French toll road operator Sanef is equalized with that on Spanish infrastructure operator Abertis Infraestructuras S.A. (BBB+/Stable/--). Abertis effectively exerts control over Sanef through 52.6%-owned Holding d'Infrastructures de Transport S.A.S. (HIT; BBB+/Stable/--), 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
