Creditreform Rating has changed the outlook of the unsolicited corporate issuer rating of Autoroute du Sud de la France S.A. (ASF) from stable to negative. This change is based on an expected substantial decline in average daily traffic due to current border and social restrictions in France and an expected economic downturn caused by the COVID 19 pandemic in 2020. We anticipate that these temporary effects will lower the revenues and weaken the earnings capacity of ASF, adversely affecting its financial metrics. Also the rating of the parent company VINCI S.A. limits ASF´s rating (VINCI S.A.: A- / negative, as of 24 April 2020). However, we see the Company as well-prepared for the crisis, due to its sound financial metrics, in particular its liquidity and profitability, confirming its rating at A-.
Creditreform Rating has carried out an unsolicited rating of Autoroute du Sud de la France (ASF) S.A. The rating has been set to A- with stable outlook.
Creditreform Rating has carried out an unsolicited corporate rating of Autoroute du Sud de la France S.A.