The ratings on Norway-based rail and bus services provider Norges Statsbaner AS (NSB) reflect strong and proven support from the company's 100% owner, the Kingdom of Norway (AAA/Stable/A-1+), and NSB's strategic role in the Norwegian public transportation sector. Sovereign support fully offsets NSB's exposure to commercial risks in parts of its operations, and the company's weak, albeit improving, financial performance over the past few years. The liberalization of the Norwegian passenger-rail sector, initiated in late 2004, has been halted by the new government, and the only route put out for tender (Gj-vikbanen) has been awarded to NSB. Consequently, the company's business position will likely remain strong. NSB is also trying to strengthen its position in the Scandinavian passenger-rail market. At...
Companies mentioned in this report are: Norges Statsbaner AS
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