Research Update: Portuguese Rail Infrastructure Manager REFER Downgraded To 'CCC+' Following Rating Action On Portugal; Outlook Negative Jan 12

  • ID: 2042836
  • January 2012
  • Region: Portugal
  • Standard & Poors
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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 for Portuguese rail infrastructure manager Rede Ferroviaria Nacional REFER E.P.E. (REFER) as "very high." In accordance with our criteria for rating government-related entities, we are lowering our long-term rating on REFER to 'CCC+' from 'B-' and removing it from CreditWatch negative. We are also assigning a recovery rating of '4' to REFER's senior unsecured nonguaranteed 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: Rede Ferroviaria Nacional REFER E.P.E.
Action: Downgraded
Action: Outlook: Negative
Action: Removed From CreditWatch

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Rede Ferroviaria Nacional REFER E.P.E.

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