Research Update: Brussels' Transport Agency STIB 'AA' Rating Affirmed After Similar Action On Brussels-Capital; Outlook Negative Jan 12
- Language: English
- Published: January 2012
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This product consists of a Summary Analysis: Bi-annual (at least). An abbreviated analysis containing Standard & Poor's issuer credit ratings as of the time the article was published. The analysis includes a rating rationale - the basis on which the rating was assigned - and an outlook section if the issuer is not on CreditWatch. Financial statistics are not included.
The rating on Belgium-based Societe des Transports Intercommunicaux de Bruxelles (STIB), the transport operator for the Region of Brussels-Capital (RBC; AA/Negative/--), is equalized with the long-term rating on RBC, reflecting Standard & Poor's Ratings Services' opinion that there is an "almost certain" likelihood that RBC would provide timely and sufficient extraordinary support to STIB in the event of financial stress. We consider STIB to be a government-related entity (GRE). In accordance with our criteria for GREs, we assess the company's link with RBC as "integral" and its role in the region as "critical." In particular, RBC ensures STIB's financial balance through annual transfers, and formally guarantees STIB's long-term borrowings. This underpins our view of the "almost certain" likelihood that RBC...
Companies mentioned in this report are: Societe des Transports Intercommunaux de Bruxelles
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Societe des Transports Intercommunaux de Bruxelles