Societe Nationale des Chemins de Fer Francais Aug 11
Standard & Poors, August 2011
Abstract
"Extremely high" likelihood of timely extraordinary government support. Demonstrated ongoing support from the French government. High barriers to entry to SNCF's core rail transport markets. Low profitability as a result of shareholder pressures to maintain low passenger tariffs and loss-making freight services. Weak credit metrics for the rating, and cash flow generation hampered by a significant investment program. The ratings on French rail operator Société Nationale des Chemins de Fer Français (SNCF) are based on Standard & Poor's Rating Services' view that there is an "extremely high" likelihood that the Republic of France (AAA/Stable/A-1+; Unsolicited Ratings) would provide timely and sufficient extraordinary support to SNCF in the event of financial distress, as well as our opinion of the group's stand-alone...
Companies mentioned in this report are:
- Societe Nationale des Chemins de Fer Francais
- Caisse Nationale des Autoroutes
- Agence Francaise de Developpement
- France (Republic of) (Unsolicited Ratings)
- La Poste
- Assistance Publique - Hopitaux de Paris
- Caisse d'Amortissement de la Dette Sociale
- Caisse Centrale de Reassurance
- Reseau Ferre de France
- La Banque Postale
- Societe Anonyme de Gestion de Stocks de Securite
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
- Societe Nationale des Chemins de Fer Francais
- Caisse Nationale des Autoroutes
- Agence Francaise de Developpement
- France (Republic of) (Unsolicited Ratings)
- La Poste
- Assistance Publique - Hopitaux de Paris
- Caisse d'Amortissement de la Dette Sociale
- Caisse Centrale de Reassurance
- Reseau Ferre de France
- La Banque Postale
- Societe Anonyme de Gestion de Stocks de Securite
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