CFR S.A. Mar 05

  • ID: 2051682
  • March 2005
  • Standard & Poors
1 of 3


  • CFR S.A.
  • National Bank of Romania
  • Romania
  • MORE

Explicit and implicit governmental financial support. Strategic importance to the government of Romania and the national economy in general. 100% state ownership with very low privatization risk and high degree of integration with the government. Extremely weak financial profile and heavy reliance on budget allocations. Recurrent negative free cash flow due to heavy operating losses and high investment needs. Counterparty exposure to financially weak state-owned rail passenger and freight operators. Competitive pressures on the Romanian rail sector from other types of transport. The rating on Romania-based CFR S.A., the government-owned company responsible for the management of the country's rail infrastructure network, is predominantly based on the financial support provided by the government of the Republic of Romania (foreign currency BB+/Positive/B;...

Companies mentioned in this report are:
- CFR S.A.
- Romania
- National Bank of Romania

Action: Review

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Research Type: Full Analysis

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- CFR S.A.
- Romania
- National Bank of Romania

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