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S&P Credit Research1468 word report
published Aug 24, 2009
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S&P Credit Research
| Abstract: | The 'AAA' rating on national railway company Société Nationale des Chemins de Fer Français (SNCF) reflects Standard&Poor's Ratings Services' opinion that there is an "almost certain" likelihood that the Republic of France (AAA/Stable/A-1+) would provide timely and sufficient extraordinary support to SNCF in the event of financial distress. We assess SNCF's stand-alone credit profile (SACP) at 'BBB-'. In accordance with our criteria for government-related entities (GREs), our view of an "almost certain" likelihood of extraordinary government support is based on our assessment of SNCF's: "Critical" role due to its dominant position and its strategic, socioeconomic, and political importance in the French transport sector as the country's historical monopoly provider of passenger rail services, a major railway freight operator,
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| Brief Excerpt: | RESEARCH Ratings Definitions Summary: Societe Nationale des Chemins de Fer Francais Publication date: 24-Aug-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: | Global Issuers
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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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