Abstract: Standard&Poor's Ratings Services has affirmed its 'AA/A-1+' long- and short-term issuer credit ratings on Société des Transports Intercommunaux de Bruxelles (STIB), the transport operator for the Region of Brussels-Capital (RBC; AA/Positive/--). The outlook is positive. The ratings on STIB primarily reflect the strong institutional integration with and financial support it receives from RBC. In particular, the region ensures STIB's financial balance through annual transfers, and formally guarantees STIB's long-term borrowings. The ratings take into consideration STIB's sound financial performance and relatively moderate debt burden, reflecting the fact that STIB does not bear the costs related to heavy infrastructure projects or network extensions, which the region assumes directly. Planned strong ridership growth calls for massive investments in new rolling

Brief Excerpt: RESEARCH Ratings Definitions Summary: Societe des Transports Intercommunaux de Bruxelles Publication date: 16-Sep-2008 Primary Credit Analyst: Bertrand de Dianous, Paris (33) 1-4420-7371; bertrand_de_dianous@standardandpoors.com Secondary...

Report Type: Summary
Issuer: Societe des Transports Intercommunaux de Bruxelles
GICS: Railroads (20304010)
Sector: Global Issuers, International Public Finance, Transportation
Country: Belgium
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.