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S&P Credit Research7327 word report
published Jan 23, 2009
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S&P Credit Research
| Abstract: | Privatization risk remote Parent company's EPIC status ensures a last recourse sovereign guarantee on most obligations Politically and socially essential mandate as the dominant rail operator in France Improving cash flow protection measures Increasing competition and deregulation for core businesses Growing expansion into noncore, logistics activities exposed to competition More restrictive EU framework for state aid to rail operations exposed to competition Poor efficiency and low profitability, hampered by loss-making rail freight operations and growing track access charges Highly leveraged financial profile The ratings on state-owned national railway company Société Nationale des Chemins de Fer Français (SNCF) reflect its full ownership by the Republic of France (AAA/Stable/A-1+), its socioeconomic importance, and consequently Standard&Poor's Ratings Services' expectation of a
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| Brief Excerpt: | RESEARCH Ratings Definitions Societe Nationale des Chemins de Fer Francais Publication date: 23-Jan-2009 Primary Credit Analyst: Florian De chaisemartin, London (44) 20-7176-3760; florian_dechaisemartin@standardandpoors.com Secondary...
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| Report Type: | Full Report
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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: | Global Issuers, Public Finance, Structured Finance
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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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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.
Also from S&P Credit Research
- Summary: Societe Nationale des Chemins de Fer Francais $175.00
The 'AAA' rating on national railway company Société Nationale des Chemins de Fer Français (SNCF) reflects Standard&Poor's Ratings Services' opinion that there is an "almost certain" likelihood that the Republic of France (AAA/Stable/A-1+) ...
- Summary: Societe Nationale des Chemins de Fer Francais $175.00
The ratings on state-owned national railway company Société Nationale des Chemins de Fer Français (SNCF) reflect its full ownership by the Republic of France (AAA/Stable/A-1+), its socioeconomic importance, and consequently Standard&Poor's ...
- Bulletin: Société Nationale des Chemins de Fer Francais Ratings Unchanged On Acquisition Of 4PL Unit $100.00
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 ...
- Societe Nationale des Chemins de Fer Francais Outlook Revised To Neg, 'AAA' Rating Affirmed $100.00
LONDON (Standard&Poor's) 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, ...
- Research Update: Societe Nationale des Chemins de Fer Francais Outlook Revised To Neg, 'AAA' Rating Affirmed $175.00
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 ...
- Summary: Societe Nationale des Chemins de Fer Francais $175.00
The ratings on state-owned national railway company Société Nationale des Chemins de Fer Français (SNCF) are based on its ownership by the Republic of France (AAA/Stable/A-1+), its socioeconomic importance, and consequently Standard&Poor's ...
- Bulletin: French Railway Company SNCF Ratings Unchanged So Far After Acquisition Proposals $100.00
LONDON (Standard&Poor's) April 10, 2008--Standard&Poor's Ratings Services said today that its ratings and outlook on French state-owned national railway company Societe Nationale des Chemins de Fer Francais (SNCF; AAA/Stable/A-1+) remain unchanged ...
- Societe Nationale des Chemins de Fer Francais $400.00
Privatization risk remote Parent company's EPIC status ensures a last recourse sovereign guarantee on most obligations Politically and socially essential mandate as the dominant rail operator in France General unfunded pensions liabilities ...
