Bulletin: Société Nationale des Chemins de Fer Francais Ratings Unchanged On Acquisition Of 4PL Unit - 2008/12/05 - S&P Credit Research

Report title: Bulletin: Société Nationale des Chemins de Fer Francais Ratings Unchanged On Acquisition Of 4PL Unit

from S&P Credit Research
596 word report published Dec 05, 2008

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Abstract:

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 unchanged, following the announcement that Geodis, SNCF's logistics subsidiary, was acquiring IBM Global Logistics, International Business Machines Corp.'s (IBM; A+/Stable/A-1) fourth-party logistics (4PL) unit for an undisclosed cash amount. The SNCF parent company will finance the acquisition, thereby increasing the group's consolidated debt, albeit not significantly. SNCF's adjusted consolidated debt amounted to €9.1 billion, while the group also relied on €3.9 billion in cash and marketable securities at year-end 2007. This acquisition confirms SNCF's intentions to expand into logistics following its takeover of Geodis in

Brief Excerpt:

RESEARCH Ratings Definitions Bulletin: SociA¬tA¬ Nationale des Chemins de Fer Francais Ratings Unchanged On Acquisition Of 4PL Unit Publication date: 05-Dec-2008 Primary Credit Analyst: Florian De chaisemartin, London (44) 20-7176-3760;...

Report Type:

Bulletin

Ticker:

224507Z

Issuer:

Societe Nationale des Chemins de Fer Francais

GICS:

Railroads (20304010)

Sector:

Asset-Backed Securities, Commercial MBS, Corporations, Global Issuers, High Technology, Sovereigns, Structured Finance, Transportation

Country:

France

Region:

Europe, Middle East, Africa

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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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