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BRISA

BRISA Auto-Estradas De Portugal S.A. is a leading European toll motorway operator and the largest motorway operator in Portugal, with a total network length of 1,678 km. The core concession BRISA Concessão Rodoviária (or BCR), which is also the issuer of the bonds, operates a network of 12 motorways in Portugal for a total length of 1,124km. BCR is a ring-fenced entity, of which Brisa Auto-Estradas currently owns 70%. The concession maturity is in December 2035. In Portugal, Brisa Auto-Estradas also holds 45% of Douro Litoral (a 129 km concession mostly around Porto), 70% of Brisal (a 93 km motorway on Portugal's West coast) and 50% in Auto-Estradas do Atlantico (a 168 km concession). In the US, Brisa has 100% in the Northwest Parkway Concession (a 13 km section of motorway in Colorado). The group also has a small number of operations providing ancillary services to the network but motorways represent by far the largest source of revenue (80% of revenues). (02 Jan 2018)

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2018 Euro IG Conference: Toll Roads

Transcript: 13 Dec 2018, 9:55 PM ET - In this article, we transcribe our presentation to CreditSights' European IG & Crossover Annual Conference on the European Toll Roads sector. 

Euro IG Sector Snapshots: October 2018

Sector Analysis: 22 Oct 2018, 9:31 PM ET - Our updated one page snapshots of the Euro IG sectors.

Euro Toll Roads: Wider Implications Of Genoa

Sector Analysis: 20 Aug 2018, 10:57 PM ET - We expect the Genoa bridge disaster will lead to increased capex and more intensive bridge monitoring for toll road operators across Europe. 

ASF & Cofiroute 1H18: Steady Performance

Earnings Note: 14 Aug 2018, 9:52 PM ET - ASF and Cofiroute reported sound 1H18 results, with net leverage broadly unchanged on YE17 following higher dividend payments.

SIAS 1H18: Upgrading to M/P on Valuation Grounds

Earnings Note: 09 Aug 2018, 9:53 PM ET - Following an assessment of SIAS' 1H18 financials and RV against peers in the TRO universe, we are switching to a Market perform view from an Underperform recommendation.
Focused

Brisa 1H18: Fundamentally Strong, Staying O/P

Earnings Note: 07 Aug 2018, 9:30 PM ET - We are rolling our Outperform recommendation on Brisa Concessao following its 1H18 results. 
Focused

European Toll Roads: Sector Update & 2Q18 Preview

Sector Analysis: 24 Jul 2018, 10:21 PM ET - Ahead of 2Q18 earnings, we provide an update on the TRO sector's key drivers of operating performance, the likely evolution of credit metrics, and recent developments in relation to M&A, concession extensions & bond issuance.

ASF: New €500 mn 2028 Bonds

IG Note: 21 Jun 2018, 5:42 AM ET - French toll road operator, ASF, is in the market this morning with a new €500 mn ten-year senior unsecured bond.

Atlantia: Worst Timing to Try to Issue New Bonds

IG Note: 30 May 2018, 10:34 PM ET - Atlantia was roadshowing last week, as the company has significant issuance needs this year to cover funding for the Abertis takeover. However, with the market jittering  over the political situation in Italy, the deal has gone quiet.

Atlantia & Abertis 1Q18: It’s Happening!

Earnings Note: 24 May 2018, 9:35 PM ET - Abertis' and Atlantia's operating stories are currently overshadowed by the risks stemming from the joint takeover of Abertis by Atlantia, Spanish ACS and German Hochtief.

Euro IG Strategy: Picks and Pans (May 2018)

Strategy Analysis: 21 May 2018, 10:34 PM ET - In this piece we summarise our sector recommendations, and provide a few names within each sector that our sector analysts like and dislike, their picks and pans. 

SIAS: FY17 Solid, but FCF to Drop Next Year

Earnings Note: 26 Mar 2018, 10:29 AM ET - While SIAS operating performance is likely to remain solid in 2018, we expect its free cash flow to drop significantly and remain negative or low for the next three years, as a result of a jump in investments in concessions.

Atlantia: A Bad Peace is Worse than a Good War!

IG Note: 16 Mar 2018, 9:56 AM ET - We assess the agreement between Atlantia, ACS and Hochtief for a joint takeover of Abertis. The companies have denied any intentions to divide the assets, and the structure created as a result of this deal would be rather convoluted.

Atlantia: Unite with ACS and Conquer?

IG Note: 12 Mar 2018, 10:58 PM ET - In this report, we look at possible implications of a potential tie up between Atlantia and ACS to bid for Abertis. We also analyse Atlantia's and Autostrade's recent operating performance. 

ASF & Cofiroute FY17: Dividends Reduced

Earnings Note: 18 Feb 2018, 8:37 PM ET - We analyse FY17 results of two French TROs, ASF and Cofiroute. Light traffic growth slowed down considerably, while heavy traffic growth remains robust. Net leverage edged down due to lower dividends.  
Focused

Brisa Concessao FY17: Leverage Down, Stay O/P

Earnings Note: 15 Feb 2018, 11:11 AM ET - Brisa Concessao's FY17 operating trends were strong, supported by further traffic growth. Net leverage improved, helped by lower shareholder remuneration.  

Abertis FY17: Bid Me Up before You Go-Go

Earnings Note: 13 Feb 2018, 8:32 AM ET - We discuss our takeaways from Abertis's FY17 results and the recent developments related to the two outstanding takeover bids. We analyse pro-forma leverage for a combined Atlantia-Abertis entity if Atlantia decides to raise its bid.

Euro IG Strategy: Picks and Pans (February 2018)

Strategy Analysis: 04 Feb 2018, 10:28 PM ET - In this piece we summarise our sector recommendations, and provide a few names within each sector that our sector analysts like and dislike, their picks and pans. 

SIAS: New Bond Pricing

Worth Watching: 31 Jan 2018, 6:22 AM ET - SIAS has been roadshowing for new ten-year senior secured euro-denominated bonds since 25 January. The IPT for the deal this morning was at MS + 85/90 bp, and the guidance has come in to MS+70/75 bp. Based on the current level of the euro swaps ..

Initiation on New SIAS Bond: At a Turning Point

Company Spotlight: 29 Jan 2018, 10:16 PM ET - In this report, we weigh up the key credit positives and negatives of SIAS, an Italian toll road operator, ahead of its upcoming new ten-year senior secured bond. 

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