The long-term rating on French toll road operator Sanef is equalized with that on Spanish infrastructure operator Abertis Infraestructuras S.A. (BBB+/Stable/--). Abertis effectively exerts control over Sanef through 52.6%-owned Holding d'Infrastructures de Transport S.A.S. (HIT; BBB+/Stable/--), 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 2009, Sanef's revenues and EBITDA represented about 36% and 37% of Abertis' revenues and EBITDA, respectively, on a fully consolidated basis of Abertis' reported accounts (about 23% and 24%, respectively, based on proportionate consolidation). We treat HIT and Sanef
