The 'A+' rating on Dutch rail provider NS Groep N.V. is based on the group's stand-alone credit profile (SACP), which we assess at 'a', as well as our opinion that there is a "moderately high" likelihood that the State of the Netherlands (AAA/Stable/A-1+; Unsolicited Ratings) would provide timely and sufficient extraordinary support to NS Groep in the event of financial distress. In accordance with Standard & Poor's Ratings Services' criteria for government-related entities (GREs), our view of a "moderately high" likelihood of extraordinary government support is based on our assessment of NS Groep's: "Limited" link with its sole owner, the State of the Netherlands, compared with those of other European rail infrastructure providers with their respective states; and "Very important"...
Companies mentioned in this report are: NS Groep N.V.
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