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Summary: Norges Statsbaner AS Apr 06
Standard & Poors, April 2006
Abstract
The ratings on rail and bus services provider Norges Statsbaner AS (NSB) reflect the strong and proven support from the company's 100% owner, the Kingdom of Norway (AAA/Stable/A-1+) as NSB plays a strategic role in the Norwegian public transportation sector. This fully offsets exposure to commercial risks in parts of NSB's operations, and the company's weak, albeit improving, financial performance over the past few years. The liberalization of public passenger train traffic, which was initialized in late 2004, has now been halted by decision by the new government. The only route put out for tender, Gj-vikbanen, was in fact won by NSB. Consequently, NSB's business position is expected to remain strong. Standard & Poor's Ratings Services does not expect a...
Companies mentioned in this report are: Norges Statsbaner AS
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.
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.
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