Strategic importance for controlling shareholder Abertis Infraestructuras S.A., which in our view would provide timely and sufficient extraordinary support to Sanef if required. Mature toll road network, with strong and stable cash flow generation and supportive regulatory framework. No prospects of diversification into riskier activities or geographies in the short to medium term. Exposure to traffic risk. High debt burden and rigid dividend policy under 100% ownership by Holding d'Infrastructures de Transport. The rating on French toll road operator Sanef is equalized with the 'BBB+' rating of its indirect controlling shareholder, Spain-based infrastructure operator Abertis Infraestructuras S.A. (Abertis; BBB+/Stable/--). The equalization reflects Standard&Poor's Rating Services' view that Abertis would provide timely and sufficient extraordinary support to Sanef and
