The ratings on Autobahnen- und Schnellstrassen-Finanzierungs-Aktiengesellschaft (ASFINAG) reflect our opinion that there is an "almost certain" likelihood that the Republic of Austria (AAA/Stable/A-1+) would provide timely and sufficient extraordinary support to ASFINAG in the event of financial distress. In accordance with our criteria for rating government-related entities (GREs), our view of an "almost certain" likelihood of extraordinary government support is based on our assessment of ASFINAG's: "Critical" role for the Republic as its sole agent with a monopoly position as constructor and operator of the Austrian motorway and high-speed road network; and "Integral" link with the government as a wholly owned subsidiary of the government that is subject to a tight legal, planning, and control framework. The ratings further reflect
