Summary: Russian Railways (JSC) Dec 11
- ID: 2031477
- December 2011
- Region: Russia
- Standard & Poors
The rating on Russian Railways (RZD) reflects Standard & Poor's Ratings Services' opinion that the likelihood of timely and sufficient extraordinary government support from the Russian Federation (foreign currency BBB/Stable/A-3; local currency BBB+/Stable/A-2) is "extremely high." We assess RZD's stand-alone credit profile (SACP) at 'bb+', based on our view of RZD's "satisfactory" business risk profile and a "significant" financial risk profile. We consider RZD 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 RZD's: "Critical" role for the Russian government, due to its strategic, socioeconomic, and political importance as the leading provider of passenger rail services, and the rail network owner,...
Companies mentioned in this report are: Russian Railways (JSC)
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 >