Norges Statsbaner AS Nov 09
Standard & Poors, November 2009
Abstract
Very high likelihood of extraordinary government support in an event of financial distress. Strong and proven ongoing support from the Norwegian government. Strong business risk profile. Exposure to tough competition from other transportation modes in Norway. Below-average profitability. Underdeveloped rail infrastructure. The ratings on Norwegian national rail operator Norges Statsbaner AS (NSB) reflect its 100% ownership by and support from the Kingdom of Norway (AAA/Stable/A-1+). They also reflect our opinion that there is a "very high" likelihood of extraordinary government support in an event of financial distress. We assess NSB's stand-alone credit profile (SACP) at 'BBB+'. The SACP reflects our opinion of NSB's creditworthiness before taking into account the potential for extraordinary government intervention, but incorporates ongoing government support such...
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.
Research Type: Full Analysis
Norges Statsbaner AS
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