The ratings on French toll road operator Sanef are on CreditWatch with negative implications, reflecting the May 21, 2008, CreditWatch listing of parent company Abertis Infraestructuras S.A. (A-/Watch Neg/--) following the announcement that an Abertis-led consortium had been named preferred bidder of the Pennsylvania Turnpike (PTPK) concession. The transaction must still be approved by the Pennsylvania state legislature. The long-term rating on Sanef is currently equalized with 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. This equalization is based on Standard&Poor's Ratings Services' expectation that Abertis will financially support HIT and Sanef if necessary, given their strategic importance
