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S&P Credit Research4351 word report
published Jun 02, 2008
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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 Healthy traffic growth for operating-subsidiary SNCB in 2007 Remote possibility of privatization over the medium term Low net profitability and a weak operating profile Structural reliance on state funding The ratings on 100% state-owned Belgian national railroad corporation Société 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 state subsidies. Standard&Poor's Ratings Services regards SNCB Holding as a public-policy-based government-related entity given the absence of medium-term privatization prospects for its rail operating and infrastructure subsidiaries, and its legal status as an autonomous public company. Therefore,
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| Brief Excerpt: | RESEARCH Ratings Definitions Societe Nationale des Chemins de Fer Belges Holding Publication date: 02-Jun-2008 Primary Credit Analyst: Jose R Abos, Madrid (34) 91-389-6951; jose_abos@standardandpoors.com Secondary Credit Analysts:...
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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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