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
Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress Credit Research lets users determine the credit rating of holdings and identify key factors underlying an issuer's creditworthiness, distinguishes the different risk exposures for new and existing deals, and provides an understanding of how their analysts interpret key regulatory, political and environmental events and their economic impact.
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.
SHOW LESS READ MORE >