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+), its socioeconomic importance, and consequently Standard&Poor's Ratings Services' expectation of very strong timely state support for SNCF's obligations. By contrast, on a stand-alone basis, SNCF's financial profile remains weak. The SNCF parent company is the national rail transport provider in France. It is 100% state owned and benefits from a close relationship with, and support from, its owner. The government does not have any privatization plans. With consolidated revenues of €23.7 billion in 2007, up 4.3% on 2006 figures on a pro forma basis, SNCF is one of Europe's largest rail companies.

Brief Excerpt: RESEARCH Ratings Definitions Summary: Societe Nationale des Chemins de Fer Francais Publication date: 20-Aug-2008 Primary Credit Analyst: Florian De chaisemartin, London (44) 20-7176-3760; florian_dechaisemartin@standardandpoors.com...

Report Type: Summary
Ticker: 224507Z
Issuer: Societe Nationale des Chemins de Fer Francais
GICS: Railroads (20304010)
Sector: Corporations, Global Issuers, Sovereigns, Transportation
Country: France
Region: Europe, Middle East, Africa
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 S&P Credit Research
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.