Events of 2019

The year 2019 will mark a new milestone for the CNA in funding highway infrastructure.

After several years of significant debt amortization (more than 80% amortized in 3 years) and correspondingly low investments, Since the beginning of the year, the CNA has entered a new phase of high stability of its outstandings and counterparties. Indeed, the next significant loan amortization is expected in 2025.

New financing is not envisaged at this stage over the same period.

The two concession companies for motorway tunnels, Autoroute et Tunnel du Mont-Blanc (ATMB) and the Société Française du Tunnel Routier du Fréjus (SFTRF), which are still eligible for funding from the CNA, should not need to apply for short-termfinancing or refinancing of investments.

Moreover, since the decree of 14 August 2017, the institution no longer has the capacity to raise on the bond market the resources necessary to finance more than one year of the eligible concessionary companies.

Since the quasi-final repayment at the end of 2018 of the debt of the 3 privatized groups in 2006, with APRR remaining liable until 2027 for a residual outstanding amount of around €40 million, the CNA now has only three counterparties to its financing, the SFTRF carrying the majority of the debt.