Moody’s revises Sanef to negative

Moody's Investors Service said it affirmed Sanef SA’s Baa1 long-term senior unsecured rating and provisional Baa1 long-term euro medium-term note senior unsecured rating, as well as the Baa1 long-term underlying rating of the €1.5 billion senior unsecured facility agreement entered into by Sanef with BNP Paribas and Dexia Credit Local as arrangers.

Concurrently, the agency affirmed the Baa3 long-term issuer and long-term senior unsecured ratings, as well as the provisional Baa3 long-term euro medium-term note senior unsecured rating of Holding d'Infrastructures de Transport (HIT), the holding company of Sanef.

The outlook was changed to negative from stable.

Moody’s said the outlook change follows the March 14 announcement that the Italian toll roads and airports operator Atlantia SpA (Baa2 negative) signed a binding agreement with the Spanish construction company ACS Group (unrated) and its German subsidiary Hochtief (unrated), in respect of a joint investment in the Spanish toll road operator Abertis Infraestructuras SA (unrated).

Abertis owns 100% of the share capital of HIT, which in turns holds a 100% stake in Sanef.

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