The long-term rating on French toll road operator Sanef is equalized with that on Spanish infrastructure operator Abertis Infraestructuras S.A. (A-/Negative/--). Abertis effectively exerts control over Sanef through 52.6%-owned Holding d'Infrastructures de Transport S.A.S. (HIT; A-/Negative/--), the intermediary vehicle that acquired Sanef when it was privatized in 2006. This equalization is based on Standard&Poor's Ratings Services' view that Abertis will financially support HIT and Sanef if necessary, given their strategic importance for and large financial contribution to Abertis: Sanef's revenues and EBITDA represented about 37% and 40% of Abertis' fully consolidated revenues and EBITDA, respectively, in 2008 (about 24% and 26%, respectively, based on proportionate consolidation). We treat HIT and Sanef as one entity, given the absence of
