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S&P Credit Research5326 word report
published May 21, 2007
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S&P Credit Research
| Abstract: | Strong financial support Solid budgetary performance Increasing ridership Moderate debt Large investment program Limited financial flexibility The ratings on Société des Transports Intercommunaux de Bruxelles (STIB), the transport operator for the Region of Brussels-Capital (RBC; AA/Stable/--), primarily reflect the strong financial support STIB receives from RBC. In particular, the region ensures STIB's financial balance through annual transfers, and formally guarantees STIB's long-term borrowings. The ratings take into consideration STIB's sound financial performance and relatively moderate debt burden, reflecting the fact that STIB does not bear the costs related to heavy infrastructure projects or network extensions, which the region assumes directly. STIB's planned ridership growth will, however, call for massive investment in new rolling stock and network extension in the near
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| Brief Excerpt: | RESEARCH Ratings Definitions Societe des Transports Intercommunaux de Bruxelles Publication date: 21-May-2007 Major Rating Factors Current Ratings >> Issuer Credit Rating ##/Stable/A-1+ Ratings Detail >> Strengths: Strong financial...
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| Report Type: | Full Report
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| Issuer: | Societe des Transports Intercommunaux de Bruxelles
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| GICS: | Railroads (20304010)
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| Sector: | Global Issuers, International Public Finance, Transportation
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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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