| Abstract: | 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 its 'AAA' long-term and 'A-1+' short-term corporate credit ratings on the company. The outlook revision reflects our expectation of the company's growing exposure to competitive markets, which may, over the medium to long term, somewhat constrain the French government's ability to provide SNCF with extraordinary timely financial support due to a more restrictive EU framework for state aid to rail operators. In our view, this could, in turn, weaken the protection provided by SNCF's status as an "Etablissement Public Industriel et
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| Brief Excerpt: | RESEARCH Ratings Definitions Research Update: Societe Nationale des Chemins de Fer Francais Outlook Revised To Neg, '###' Rating Affirmed Publication date: 24-Sep-2008 Primary Credit Analyst: Florian De chaisemartin, London (44) 20-7176-3760;...
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| Report Type: | Research Update
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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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| Format: | | HTML |  |
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