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Norges Statsbaner A/S Feb 06
Standard & Poors, Feb 2006
Abstract
Strong and proven support from the Norwegian government. Position as monopoly provider of domestic rail transport services and Norway's largest bus operator. Valuable real estate portfolio. Low train passenger satisfaction and confidence. Weak train transportation demand. Weak profitability. The ratings on the 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 financial and operational performance over the past few years. The liberalization of public passenger train traffic, which was initialized in late 2004, is now expected...
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
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