The ratings on Atlantia SpA (formerly Autostrade SpA) reflect its excellent business profile as Italy's largest motorway group, with a market share in Italy--through its operating subsidiaries--of about 60%, and its strong cash generation, derived largely from toll revenues under the Autostrade per l'Italia (ASPI) concession agreement expiring in 2038. These factors are offset, however, by regulatory risk, substantial planned capital expenditures over the next five years, and an aggressive financial profile. Atlantia's toll road concession business generated 86% of total revenues in the nine months to Sept. 30, 2007. Motorway traffic in Italy has increased steadily in the past, outpacing GDP growth, and is expected to continue to do so in the medium term. After a flat 2005, traffic
