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2021/09/14 / Erste Group Research


Autobahnen- und Schnellstraßen-Finanzierungs AG (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 2,249 km.

With a balance sheet total of over EUR 18bn and close to 3,000 employees, in 2020 ASFINAG generated sales of more than EUR 2.6bn and net earnings of EUR 742mn. FY 2020 halted a trend of continuously improving balance sheet and credit ratios.

Of the financial debt totaling slightly more than EUR 10bn, bonds under a Guaranteed EMTN Program accounted for around EUR 8.1 billion. The planned refinancing requirement of EUR 500-600mn for 2021 has already been largely covered.

ASFINAG offers high ESG transparency with associated reporting since 2010, since 2016 pursuant to GRI. The company´s sustainability management (ESG) has been rated since 2017, most recently in 2020 again C+ (“prime”) by ISS-ESG.
All bonds issued by ASFINAG under the EMTN program are explicitly, 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

AuthorErste Group Research
Product nameCredit News
Topic in focusCredits/ Corporate bonds
Economy in focusAustria
Currency in focusEuro
Sector in focus-


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