The ratings on Atlantia SpA (formerly Autostrade SpA) reflect its excellent business profile as Italy's largest motorway group, with the majority of cash generation derived from a mature and profitable toll road concession regulated under a clear and supportive concession agreement expiring in 2038. The ratings also reflect a strong competitive position and prudent debt management, with limited refinancing needs before 2011. These factors are offset, however, by substantial planned capital expenditures (€18 billion are to be completed by around 2020), an aggressive financial policy (with high dividends and an acquisitive strategy that is expected to intensify in the short to medium term), and a shareholder structure that is under development. The Italian Parliament approved an amendment in June 2008
