Abstract: Strong financial support from Region of Brussels-Capital Solid budgetary performance with improving cost-coverage ratio Moderate and decreasing debt Large investment program Relatively limited financial flexibility The ratings on Société des Transports Intercommunaux de Bruxelles (STIB), the transport operator for the Region of Brussels-Capital (RBC; AA/Positive/--), primarily reflect the strong institutional integration with and financial support STIB receives from RBC. In particular, the region ensures STIB's financial balance through annual transfers, and formally guarantees STIB's long-term borrowings, which is why the ratings on STIB are equalized with those on RBC. 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

Brief Excerpt: RESEARCH Ratings Definitions Societe des Transports Intercommunaux de Bruxelles Publication date: 29-Sep-2008 Primary Credit Analyst: Bertrand de Dianous, Paris (33) 1-4420-7371; bertrand_de_dianous@standardandpoors.com Secondary...

Report Type: Full Report
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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