Tear Sheet: Holding d'infrastructures de transport S.A.S.

After the issuance of a €500 million bond in January 2023, we expect Holding d?Infrastructures de Transport (HIT), together with its subsidiary Sanef (we look at HIT and Sanef on a consolidated basis), will start repaying gross debt when the next maturities come due in 2025-2026. This is five to six years before the maturity of Sanef (the main concession), in December 2031. We continue to believe HIT and Sanef will prudently manage their cash positions to meet debt repayments at concession end; reflected in strong liquidity buffers, flexible dividend distribution, and limited capital expenditure (capex). We expect S&P Global Ratings-adjusted funds from operations of 22%-24% (on a consolidated basis) over 2023-2025 (19.7% in 2022), benefitting from inflation-linked tolls (4.54%

...June 7, 2023 After the issuance of a 500 million bond in January 2023, we expect Holding d'Infrastructures de Transport (HIT), together with its subsidiary Sanef (we look at HIT and Sanef on a consolidated basis), will start repaying gross debt when the next maturities come due in 2025- 2026. This is five to six years before the maturity of Sanef (the main concession), in December 2031. We continue to believe HIT and Sanef will prudently manage their cash positions to meet debt repayments at concession end; reflected in strong liquidity buffers, flexible dividend distribution, and limited capital expenditure (capex). We expect S&P Global Ratings-adjusted funds from operations of 22%-24% (on a consolidated basis) over 2023-2025 (19.7% in 2022), benefitting from inflation-linked tolls (4.54% approved in 2023 for Sanef; 4.75% for SAPN) and fixed cost of debt. We forecast the networks will see total traffic growth of 0.5%-1.0% in 2023, despite 3.4% growth in the first quarter. This is because...

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