The ratings on France-based toll road operator Sanef reflect its well-diversified domestic toll road network operations, with established traffic, a supportive regulatory regime with favorable toll-escalation indices, limited construction risks and spending, and robust recurring cash flows. These strengths are offset by Sanef's weakened financial profile following its acquisition by Holding d'Infrastructures de Transport (HIT; A/Watch Neg/--), particularly when the debt at HIT is factored in. Sanef's credit protection ratios are expected to remain weak given the company's 100% dividend payout to HIT, which exposes lenders to substantial refinancing risk. Sanef operates Europe's fourth-largest interconnected toll road network across key economic and tourist corridors in France. It has existing road network of 1,743 kilometers (km; 1,083 miles) in service and
