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S&P Credit Research861 word report
published Feb 28, 2006
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S&P Credit Research
| Abstract: | The ratings on Belgium-based, 100% state-owned national railroad corporation, SociTtT Nationale des Chemins de Fer Belges Holding (SNCB Holding)--previously known as SociTtT Nationale des Chemins de Fer Belges--reflect its public policy role as the country's public transport provider, and its consequent dependence on very large subsidies from the Kingdom of Belgium (AA+/Stable/A-1+). With regard to Standard & Poor's Ratings Services' three broad categories of government-supported entities, SNCB Holding falls into Category 2, which comprises public sector entities that we consider to be most closely integrated with their respective governments and their finances. The rating also reflects the absence of any medium-term privatization prospects for SNCB Holding's rail operator or infrastructure subsidiaries, the corporations' legal status as an autonomous public company,
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| Brief Excerpt: | RESEARCH Ratings Definitions Summary: Societe Nationale des Chemins de Fer Belges Holding Publication date: 28-Feb-2006 Credit Rating: ##+/Stable/A-1+ Rationale The ratings on Belgium-based, 100% state-owned national railroad corporation,...
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| Report Type: | Summary
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| Issuer: | Societe Nationale des Chemins de Fer Belges Holding
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| Sector: | Corporations, Global Issuers, Sovereigns, Transportation
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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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