Norges Statsbaner AS Jan 11
Standard & Poors, January 2011
Abstract
Very high likelihood of extraordinary government support in an event of financial distress. Strong and increasing ongoing support from the Norwegian government through a cost reimbursement settlement. Monopoly position in the Norwegian rail passenger market. Below-average profitability, which is highly dependent on gains from sales of property. Large investment program in 2011-2013. Exposure to competition from other transportation modes in Norway. 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...
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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