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S&P Credit Research1190 word report
published Dec 17, 2008
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| Abstract: | 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 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, 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, our ratings on SNCB Holding are equalized with those on the Kingdom of Belgium. In addition, we expect limited--although gradually increasing--competition over the short to medium term. The company would be unable to operate without state subsidies, which have historically been
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| Brief Excerpt: | RESEARCH Ratings Definitions Summary: Societe Nationale des Chemins de Fer Belges Holding Publication date: 17-Dec-2008 Primary Credit Analyst: Jose R Abos, Madrid (34) 91-389-6951; jose_abos@standardandpoors.com Secondary Credit...
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| Report Type: | Summary
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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: | Corporations, Global Issuers, Sovereigns, 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.
Also from S&P Credit Research
- Societe Nationale des Chemins de Fer Belges Holding $400.00
Expected extremely high likelihood of extraordinary government support Very important role for and integral link with the Belgian government Demonstrated and perceived ongoing government support Strong liquidity position Marginal net profitability ...
- Summary: Societe Nationale des Chemins de Fer Belges Holding $175.00
The ratings on 100% state-owned Belgian national railroad corporation Société Nationale des Chemins de Fer Belges Holding (SNCBH) reflect Standard&Poor's Rating Services' opinion that the likelihood of timely and sufficient government support ...
- Research Update: Societe Nationale des Chemins de Fer Belges Holding Lowered To 'AA' As Stand-Alone Profile Weakens; Outlook Stable $175.00
Standard&Poor's recently revised its methodology for government-related entities (GREs), and now bases their issuer credit ratings on likelihood of timely and sufficient extraordinary government support, stand-alone credit profile, and rating ...
- Societe Nationale des Chemins de Fer Belges Holding $400.00
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 ...
- Summary: Societe Nationale des Chemins de Fer Belges Holding $175.00
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 ...
- Summary: Societe Nationale des Chemins de Fer Belges Holding $175.00
The ratings on 100% state-owned Belgian national railroad corporation Societe 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 ...
- Societe Nationale des Chemins de Fer Belges Holding $400.00
Close links to the Belgian state Public-policy role, along with its subsidiaries, as the national rail-transport provider The SNCB operating subsidiary showed strong traffic growth in 2006, and continued strong growth is projected over the ...
- Summary: Societe Nationale des Chemins de Fer Belges Holding $175.00
The ratings on 100% state-owned Belgian national railroad corporation Societe 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 ...
