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S&P Credit Research4653 word report
published Mar 13, 2007
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S&P Credit Research
| Abstract: | Close links to the Belgian state Public-policy role, along with its subsidiaries, as the national rail-transport provider The SNCB operating subsidiary showed strong traffic growth in 2006, and continued strong growth is projected over the short to medium term Remote possibility of privatization over the medium term Low net profitability and a weak, albeit improving, operating profile Structural reliance on state funding The ratings on 100% state-owned Belgian national railroad corporation Societe Nationale des Chemins de Fer Belges Holding (SNCB Holding), reflect its public-policy role as the national public-transport provider, and its reliance on very large subsidies from the Kingdom of Belgium (AA+/Stable/A-1+). Standard&Poor's Ratings Services regards SNCB Holding as a "public-policy based", government-related entity, in view of
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| Brief Excerpt: | RESEARCH Ratings Definitions Societe Nationale des Chemins de Fer Belges Holding Publication date: 13-Mar-2007 Major Rating Factors Current Ratings >> Corporate Credit Rating ##+/Stable/A-1+ Ratings Detail >> Strengths: Close links...
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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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