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Research Update: Comboios de Portugal Downgraded To 'CCC+' From 'B-' Following Sovereign Rating Action; Outlook Negative Jan 12 Product Image

Research Update: Comboios de Portugal Downgraded To 'CCC+' From 'B-' Following Sovereign Rating Action; Outlook Negative Jan 12

  • Published: January 2012
  • Region: Portugal
  • Standard & Poors

Abstract
On Jan 13, 2012, we lowered to 'BB/B' from 'BBB-/A-3' our long- and short-term sovereign credit ratings on the Republic of Portugal. We assess the likelihood of extraordinary and timely government support to Portuguese rail operator Comboios de Portugal E.P.E (CP) as "very high." In line with our criteria for rating government-related entities (GREs), we are lowering our long-term corporate credit rating on CP to 'CCC+' from 'B-', and removing it from CreditWatch negative. We are also assigning a recovery rating of '4' to CP's senior unsecured debt, indicating our expectation of average (30%-50%) recovery in the event of a default. The negative outlook mirrors that on Portugal, and reflects the possibility of us lowering our assessment of the likelihood...

Companies mentioned in this report are:
- Comboios de Portugal E.P.E
- Polo Securities II Ltd.
- Rede Ferroviaria Nacional REFER E.P.E.
- Polo III - CP Finance Ltd.

Action: Downgraded
Action: Outlook: Negative

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- Comboios de Portugal E.P.E
- Polo Securities II Ltd.
- Rede Ferroviaria Nacional REFER E.P.E.
- Polo III - CP Finance Ltd.

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