Reseau Ferre de France Sep 10
Standard & Poors, September 2010
Abstract
Monopolistic French rail network owner and manager. Very significant state support. No prospect of privatization in the medium to long term. Commitment from the government to progressively increase the proportion of infrastructure costs covered by track access charges in the medium term. Revenues are resilient to rail traffic fluctuations. An unbalanced business model, as own source revenues remain structurally below operating and maintenance costs, resulting in a substantial dependence on state subsidies. Aggressive financial profile, high leverage, and significant refinancing needs. Continuous, very high capital expenditure needs with no specific subsidy for development capital expenditures under the performance contract. No guaranteed level of state subsidies. The 'AAA' long-term rating on state-owned Reseau Ferre de France (RFF), the owner of France's...
Companies mentioned in this report are:
- Reseau Ferre de France
- Caisse Nationale des Autoroutes
- Societe Nationale des Chemins de Fer Francais
- Agence Francaise de Developpement
- France (Republic of) (Unsolicited Ratings)
- La Poste
- Assistance Publique - Hopitaux de Paris
- Etablissement public pour l'amenagement de la region de la Defense
- Caisse d'Amortissement de la Dette Sociale
- Caisse Centrale de Reassurance
- La Banque Postale
- SNPE S.A.
- Societe Anonyme de Gestion de Stocks de Securite
Action: Review
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Research Type: Full Analysis
- Reseau Ferre de France
- Caisse Nationale des Autoroutes
- Societe Nationale des Chemins de Fer Francais
- Agence Francaise de Developpement
- France (Republic of) (Unsolicited Ratings)
- La Poste
- Assistance Publique - Hopitaux de Paris
- Etablissement public pour l'amenagement de la region de la Defense
- Caisse d'Amortissement de la Dette Sociale
- Caisse Centrale de Reassurance
- La Banque Postale
- SNPE S.A.
- Societe Anonyme de Gestion de Stocks de Securite
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