| Abstract: | The ratings on state-owned national railway company Société Nationale des Chemins de Fer Français (SNCF) reflect its full ownership by the Republic of France (AAA/Stable/A-1+), its socioeconomic importance, and consequently Standard&Poor's Ratings Services' expectation of a still very high likelihood of timely state financial support for SNCF's obligations. However, the company's growing exposure to competitive markets may, over the medium to long term, somewhat constrain the French government's ability to provide SNCF with extraordinary timely financial support due to a more restrictive EU framework for state aid to rail operators. In our view, this could, in turn, weaken the protection provided by SNCF's status as an "Etablissement Public Industriel et Commercial" (EPIC), which confers the state's legal obligation
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| Brief Excerpt: | RESEARCH Ratings Definitions Summary: Societe Nationale des Chemins de Fer Francais Publication date: 23-Jan-2009 Primary Credit Analyst: Florian De chaisemartin, London (44) 20-7176-3760; florian_dechaisemartin@standardandpoors.com...
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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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| Format: | | HTML |  |
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