Strong competitive position as the largest toll road operator in Italy. Stable and predictable operations regulated under clear long-term agreements. Exposure to traffic and passenger volume risk. Weighted-average adjusted funds from operations (FFO) to debt above 13%. Heavy debt burden and rigid dividend policy, limiting scope of deleveraging. Large capital expenditure (capex) program leading to negative free cash flow generation, but with some flexibility to delay the program if necessary. The outlook on Italy-based toll-road and airport operator Atlantia SpA is stable, reflecting our base-case forecast that the group's adjusted FFO to debt will be at least 13% through financial year 2016 (ending Dec. 31, 2016). Our expectation of a gradual improvement in financial performance reflects tariff increases and a
