The ratings on Italy-based toll road operator Atlantia and its subsidiary Autostrade per Italia (ASPI) reflect Standard&Poor's Ratings Services' view of both companies' "strong" business risk profile, which is tempered by their "significant" financial risk profile, as our criteria define these terms. We equalize the ratings on ASPI with those on Atlantia to reflect ASPI's strategic importance for Atlantia as its largest asset and contributor to EBITDA (84% as of December 2011). The ratings are supported by Atlantia's portfolio of toll road concessions, mostly located in Italy--albeit its geographic diversification is widening to include Brazil, Chile, and France. Although the company is exposed to traffic risk, it benefits from strong profitability and resilient cash flows generated by its
