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S&P Credit Research1058 word report
published Nov 12, 2007
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S&P Credit Research
| Abstract: | 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+), and the state's strong support for SNCF's obligations. SNCF's strengths are offset by a very weak--although improving--financial profile for the rating. Over the past years SNCF's profitability has improved, on the back of growth in national long-distance passenger traffic and a recovery in logistics, inter-regional long-distance passenger transport, and rail freight. Yet the company's profitability remains very low in some core businesses such as rail freight and rail network infrastructure management. As a public-policy-based entity, the ratings on SNCF are equalized with those on the government, based on the entity's legal status. This is
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| Brief Excerpt: | RESEARCH Ratings Definitions Summary: Societe Nationale des Chemins de Fer Francais Publication date: 12-Nov-2007 Primary Credit Analyst: Alexandre de Lestrange, Paris (33) 1-4420-7316; alexandre_delestrange@standardandpoors.com Secondary...
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| Report Type: | Summary
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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: | Corporations, Global Issuers, Sovereigns, Transportation
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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.
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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 ...
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