The rating on French toll road operator Sanef is equalized with the 'BBB+' rating of its indirect controlling shareholder, Spain-based infrastructure operator Abertis Infraestructuras S.A. (Abertis; BBB+/Stable/--). The equalization reflects Standard&Poor's Rating Services' view that Abertis would provide timely and sufficient extraordinary support to Sanef and its intermediary holding company Holding d'Infrastructures de Transport S.A.S. (HIT; BBB+/Stable/--) in the event of financial distress. Parental support stems from Sanef's strategic importance for Abertis, and its large contribution, through HIT, to Abertis' consolidated revenues and cash flows. In 2010, Sanef's revenues and EBITDA represented over 35% of Abertis' revenues and EBITDA on a fully consolidated basis, and slightly less than 25% on a proportionate basis. We treat HIT and Sanef
