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S&P Credit Research501 word report
published Apr 10, 2008
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S&P Credit Research
| Abstract: | LONDON (Standard&Poor's) April 10, 2008--Standard&Poor's Ratings Services said today that its ratings and outlook on French state-owned national railway company Societe Nationale des Chemins de Fer Francais (SNCF; AAA/Stable/A-1+) remain unchanged for now following the company's offer to acquire full ownership of Geodis, a French logistics company, for about €600 million in cash. SNCF also announced its plans to acquire a majority stake in Import Transport Logistik, a small German logistics company, for an undisclosed amount. These acquisitions reflect SNCF's heightened ambition to develop its logistics operations as its main markets are opening up to competition. In coming weeks, through discussions with SNCF's management, Standard&Poor's will assess the potential impact of this more aggressive
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| Brief Excerpt: | RESEARCH Ratings Definitions Bulletin: French Railway Company SNCF Ratings Unchanged So Far After Acquisition Proposals Publication date: 10-Apr-2008 Primary Credit Analyst: Florian De chaisemartin, London (44) 20-7176-3760; florian_dechaisemartin@stand...
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| Report Type: | Bulletin
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| Ticker: | 224507Z
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| Issuer: | Societe Nationale des Chemins de Fer Francais
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| GICS: | Railroads (20304010)
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| Sector: | Corporations, Global Issuers, Sovereigns, Transportation
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| Country: | France
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| Region: | Europe, Middle East, Africa
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| Free Sample: |
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S&P Credit Research provides analysis on issuers and debt obligations of corporations, states and municipalities, financial institutions, insurance companies and sovereign governments. S&P also offers insight into the credit risk of structured finance deals, providing an independent view of credit risk associated with a growing array of debt-securitized instruments.
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- Summary: Societe Nationale des Chemins de Fer Francais $175.00
The 'AAA' rating on national railway company Société Nationale des Chemins de Fer Français (SNCF) reflects Standard&Poor's Ratings Services' opinion that there is an "almost certain" likelihood that the Republic of France (AAA/Stable/A-1+) ...
- Societe Nationale des Chemins de Fer Francais $400.00
Privatization risk remote Parent company's EPIC status ensures a last recourse sovereign guarantee on most obligations Politically and socially essential mandate as the dominant rail operator in France Improving cash flow protection measures ...
- Summary: Societe Nationale des Chemins de Fer Francais $175.00
The ratings on state-owned national railway company Société Nationale des Chemins de Fer Français (SNCF) reflect its full ownership by the Republic of France (AAA/Stable/A-1+), its socioeconomic importance, and consequently Standard&Poor's ...
- Bulletin: Société Nationale des Chemins de Fer Francais Ratings Unchanged On Acquisition Of 4PL Unit $100.00
LONDON (Standard&Poor's) Dec. 4, 2008--Standard&Poor's Ratings Services today said that its ratings and outlook on 100% state-owned French rail operating company Société Nationale des Chemins de Fer Français (SNCF; AAA/Negative/A-1+) remain ...
- Societe Nationale des Chemins de Fer Francais Outlook Revised To Neg, 'AAA' Rating Affirmed $100.00
LONDON (Standard&Poor's) Sept. 24, 2008--Standard&Poor's Ratings Services revised its outlook on 100% state-owned French rail operating company Société Nationale des Chemins de Fer Français (SNCF) to negative from stable. At the same time, ...
- Research Update: Societe Nationale des Chemins de Fer Francais Outlook Revised To Neg, 'AAA' Rating Affirmed $175.00
On Sept. 24, 2008, Standard&Poor's Ratings Services revised its outlook on 100% state-owned French rail operating company Société Nationale des Chemins de Fer Français (SNCF) to negative from stable. At the same time, Standard&Poor's affirmed ...
- Summary: Societe Nationale des Chemins de Fer Francais $175.00
The ratings on state-owned national railway company Société Nationale des Chemins de Fer Français (SNCF) are based on its ownership by the Republic of France (AAA/Stable/A-1+), its socioeconomic importance, and consequently Standard&Poor's ...
- Societe Nationale des Chemins de Fer Francais $400.00
Privatization risk remote Parent company's EPIC status ensures a last recourse sovereign guarantee on most obligations Politically and socially essential mandate as the dominant rail operator in France General unfunded pensions liabilities ...
