Autobahnen- und Schnellstraßen-Finanzierungs-Aktiengesellschaft
Action Validity Date
Creditreform Rating has confirmed the unsolicited corporate issuer rating as well as the unsolicited corporate issue rating of the long-term local currency senior unsecured issues of Autobahnen- und Schnellstraßen-Finanzierungs-Aktiengesellschaft - hereinafter also referred to as ASFINAG - at AA+ / stable. Due to the COVID-19 pandemic, we expect a significant deterioration in the company's performance for FY 2020, adversely affecting the rating relevant financial ratios. However, we expect the significant deterioration to be of temporary duration, as the sharp decline in traffic volume is mainly related to the second quarter of 2020. Due to the systemically relevant and per se robust business model, we expect business development to recover to pre-crisis levels in the medium term. Against the backdrop of government support (including the guarantee commitment by the Republic of Austria for ASFINAG's bond liabilities as part of the EMTN Program), we continue to regard liquidity and financial risk as low. Due to the guarantee, the shareholder structure as well as the social, economic and strategic importance of the company for the Republic of Austria, we equate the rating of ASFINAG with the sovereign rating. The sovereign rating of the Republic of Austria published by Creditreform Rating AG is currently AA+ / stable.
Creditreform Rating has carried out an unsolicited rating of Autobahnen-und Schnellstrassen-Finanzierungs-Aktiengesellschaft. The rating has been set to AA+ with stable outlook.