...The long-term corporate credit rating on France-based toll road network operator Sanef is equalized with our '###' rating on its controlling shareholder, Spain-based infrastructure operator Abertis Infraestructuras S.A. (Abertis; ###/Watch Negative/--). Disregarding our expectation of support from Abertis, we assess Sanef's stand-alone credit profile (SACP) at '###-'. The SACP reflects Standard & Poor's Rating Services' view of the company's "excellent" business risk profile and "aggressive" financial risk profile. The SACP is supported by Sanef's interconnected toll road network in France, which is the country's third largest by network length after Vinci (###+/Stable/A-2), which owns Autoroutes du Sud de la France (###+/Stable/--) and Cofiroute (###+/Stable/--), and Autoroutes Paris-Rhin-Rhone (###-/Stable/A-3). Although the company is exposed to traffic risk, it benefits from strong profitability and stable cash flows generated by the 1,757-kilometer network of toll roads it operates...
