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S&P Credit Research1308 word report
published Aug 20, 2008
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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: 224507ZIssuer: Societe Nationale des Chemins de Fer FrancaisGICS: Railroads (20304010)Sector: Corporations, Global Issuers, Sovereigns, TransportationCountry: FranceRegion: Europe, Middle East, AfricaFree Sample: Click
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