The ratings on French toll road operator Sanef were placed on CreditWatch with negative implications on Nov. 16, 2007, following the announcement by Spanish infrastructure operator Abertis Infraestructuras S.A. (A/Watch Neg/--) of its nonbinding bid for the transmission towers business of Italy's Wind Telecomunicazioni SpA (B+/Stable/--) and 3 Italia SpA (not rated). The long-term rating on Sanef is the same as that on Abertis. Since Sanef's privatization, Abertis effectively exerts control over Sanef through 52.6%-owned Holding d'Infrastructures de Transport S.A.S. (HIT; A/Watch Neg/--), the intermediary vehicle that acquired Sanef. The CreditWatch listing reflects Standard&Poor's Ratings Services' concerns about and lack of visibility on Abertis' acquisition strategy and future financial policy, given the company's increased appetite for diverse telecommunications
