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S&P Credit Research5180 word report
published Feb 28, 2006
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| Abstract: | Very close links to the Belgian state; Focus on public service; Recently implemented strategy to eliminate risk factors (including plans to hand pension obligations over to the state by 2007); Strong traffic growth in 2005, with continued growth projections for the operating subsidiary; and No privatization expected in the medium term. Low profitability and a weak, albeit improving, financial profile; Structural reliance on state funding; Ongoing losses at the ABX Logistics division; Expected increase in net debt as a result of the proposed 2005-2007 capital expenditure plan; and International competition at group level could be introduced gradually as part of the "third railway package" (although this is not expected to be significant before 2010). The ratings on Belgium-based, 100% state-owned
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| Brief Excerpt: | RESEARCH Ratings Definitions Societe Nationale des Chemins de Fer Belges Holding Publication date: 28-Feb-2006 ISSUER CREDIT RATINGS Societe Nationale des Chemins de Fer Belges Holding Corporate Credit Rating ##+/Stable/A-1+ Belgium...
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| Report Type: | Full Report
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| Ticker: | 5478Z
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| Issuer: | Societe Nationale des Chemins de Fer Belges Holding
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| GICS: | Railroads (20304010)
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| Sector: | Global Issuers
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| Country: | Belgium
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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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