The ratings on Atlantia SpA reflect its excellent business profile as Italy's largest motorway group. The majority of cash generation is 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 2014. These factors are offset, however, by substantial planned capital expenditures (€18 billion are to be completed by around 2021) and an aggressive financial policy (with high dividends and an acquisitive strategy that we expect to intensify in the short to medium term. Atlantia's main concession, ASPI enjoys a favorable regulatory framework that enables the company to invest in core assets with
