SMRT Corp. Ltd. Nov 11

  • ID: 2027673
  • November 2011
  • Standard & Poors
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Very high likelihood of extraordinary government support Strategic and dominant position in Singapore's public transport sector Minimal financial risk profile Rising cost pressures The rating on Singapore-based public transport services provider SMRT Corp. Ltd. reflects our view that there is a "very high" likelihood that the government of Singapore (unsolicited rating AAA/Stable/A-1+; axAAA/axA-1+) would provide timely and sufficient extraordinary support to the company in the event of financial distress. SMRT's strategic and dominant market position, and minimal financial risk profile also support the rating. The pressure on the company's margins due to high fuel costs tempers these strengths. We assess SMRT's stand-alone credit profile to be 'aa'. According to our criteria for government-related entities, our view of a "very high"...

Companies mentioned in this report are: SMRT Corp. Ltd.
Action: Review

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.

Research Type: Full Analysis

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SMRT Corp. Ltd.

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