Norges Statsbaner AS Dec 11
Standard & Poors, December 2011
Abstract
Very high likelihood of extraordinary government support in an event of financial distress. Demonstrated ongoing public support from the Norwegian government. A significant real estate portfolio that provides a cushion for weaker operating segments. Low profitability, which is highly dependent on gains from property sales. Credit metrics that we believe will remain weak for the next few years due to significant capital spending. The 'AA-' rating on Norwegian national rail operator Norges Statsbaner AS (NSB) is based on the group'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...
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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