Research Detail
| 2019/06/04 / Erste Group Research |
Issuer Profile | ASFINAG ASFINAG is wholly owned by the Republic of Austria and is responsible for the planning, financing, construction, maintenance, operation and toll collection of Austria's entire highway and expressway network with a total length of more than 2,200 km. With a balance sheet total of approx. EUR 17bn and around 2,800 employees, ASFINAG generates annual sales of roughly EUR 2.6bn and net earnings of EUR 824mn, exhibiting strong profitability. Balance sheet and credit ratios continuously improved during the past ten years. The company receives no funding from the government. Financing of ASFINAG is covered by the collection of tolls by the company and the capital markets through the issuance of bonds. All bonds issued by ASFINAG under the EMTN program are unconditionally and irrevocably guaranteed by the Republic of Austria (Aa1/AA+/AA+/AAA). ASFINAG is rated Aa1/stable by Moody's and AA+/stable by S&P, equal to the ratings assigned to the Republic. |
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General information
| Author | Erste Group Research |
| Date | 2019/06/04 |
| Language |  |
| Product name | Credit News |
| Topic in focus | Credits/ Corporate bonds |
| Economy in focus | Austria |
| Currency in focus | Euro |
| Sector in focus | - |
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