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S&P Credit Research785 word report
published Aug 23, 2006
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| Abstract: | The ratings on 100% state-owned Belgian national railroad corporation SociTtT 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 the absence of any medium-term privatization prospects for its rail operating and infrastructure subsidiaries, and its legal status as an autonomous public company. In addition, we expect no real competition over the short to medium term. State subsidies to the company have remained consistent and timely. Without these, the company would be unable to operate. On Aug. 3, 2006, SNCB Holding
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| Brief Excerpt: | RESEARCH Ratings Definitions Summary: Societe Nationale des Chemins de Fer Belges Holding Publication date: 23-Aug-2006 Credit Rating: ##+/Stable/A-1+ Rationale The ratings on 100% state-owned Belgian 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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