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Summary: Norges Statsbaner AS Jul 11
Standard & Poors, July 2011
Abstract
The 'AA-' rating on Norwegian national rail operator Norges Statsbaner AS (NSB) is based on the company's stand-alone credit profile (SACP), which Standard & Poor's Rating Services assesses at 'bbb+', and on our opinion that there is a 'very high' likelihood that the Kingdom of Norway (AAA/Stable/A-1+), would provide timely and sufficient extraordinary support to NSB in the event of financial distress. In accordance with our criteria for government-related entities, our view of a 'very high' likelihood of government support is based on our assessment of NSB's: 'Very important' role as Norway's sole nationwide public transportation provider. As a result, NSB plays a very important role in meeting key government economic, social, and political objectives. In our view, NSB benefits...
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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