The ratings on Sanef are equalized with those on Abertis Infraestructuras S.A. (A/Negative/--). Following its privatization, Sanef is controlled by Abertis through 52.6%-owned Holding d'Infrastructures de Transport S.A.S. (HIT; A/Negative/--), the intermediary vehicle that acquired Sanef. The rating on Abertis reflects the company's excellent business profile, with strong and stable cash flow generation derived largely from its toll-road concession business, a supportive regulatory framework both in Spain and France, and fairly manageable future capital-expenditure needs. These strengths are offset by Abertis' weakened financial profile and lack of dividend flexibility, as well as its appetite for additional acquisitions, which could further impair its business and financial profile. It is important to note that without this support, HIT and Sanef's underlying credit
