Autobahnen- und Schnellstraßen-Finanzierungs-Aktiengesellschaft
Action Validity Date
Creditreform Rating (CRA) has affirmed the unsolicited corporate issuer rating of Autobahnen- und Schnellstraßen-Finanzierungs-Aktiengesellschaft - hereinafter also referred to as ASFINAG, as well as the unsolicited corporate issue ratings of ASFINAG's long-term local currency senior unsecured notes at AA+ / stable. A key factor for the rating assessment is the solid overall result of our ratio-based analysis section, which has remained stable year-on-year despite the macroeconomic distortions of the COVID-19 pandemic and reduced traffic volumes in 2020, which led to revenue declines at ASFINAG. The company thus exceeded our expectations formulated in the last rating. We expect the stable result of our financial ratio analysis to be confirmed for 2021 as well. However, the very close ties to the 100% owner, the Republic of Austria, whose unsolicited sovereign issuer rating of the CRA remains at AA+ / stable, remain decisive for the overall very high rating level. We continue to assume that the owner is prepared to provide ASFINAG with sufficient financial support even in a crisis scenario.
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.