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Summary: Georgian Railway LLC Jun 11
Standard & Poors, June 2011
The rating on Georgian Railway LLC (GR), the fully owned, vertically integrated national railway operator in the Republic of Georgia, reflects Standard & Poor's Ratings Services' opinion that the likelihood of timely and sufficient extraordinary government support from the Government of Georgia (B+/Positive/B) is "extremely high." We assess GR's stand-alone credit profile (SACP) at 'b+', based on our view of GR's weak business risk profile and an aggressive financial risk profile. We consider GR as a government-related entity (GRE). In accordance with our criteria for GREs, our view of the "extremely high" likelihood of extraordinary support is based on our assessment of GR's: "Critical" role for the Georgian government, given GR's monopoly position as the manager and owner of the...
Companies mentioned in this report are: Georgian Railway LLC
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Georgian Railway LLC