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. In 2008, Sanef's revenues and EBITDA represented about 37% and 40% of Abertis' fully consolidated revenues and EBITDA, respectively (about 24% and 26%, respectively, based on proportionate consolidation). We treat HIT and Sanef as one entity, given the absence of
