Deutsche Bahn AG Jun 12
Standard & Poors, June 2012
Abstract
Very high likelihood of extraordinary government support in an event of financial distress. Ongoing support from the Federal Republic of Germany through investment grants. Leading passenger rail operator in Germany and major logistics services provider worldwide. Lower levels of free operating cash flow due to a heavy investment program. Margin pressure arising from increasing competition from other train operating companies in Germany. The ratings on Germany-based vertically integrated rail and logistics group Deutsche Bahn AG are based on Standard & Poor's Ratings Services' view of the group's stand-alone credit profile (SACP), which we assess at 'a-'. The ratings also take into account our opinion that there is a "very high" likelihood that the Federal Republic of Germany (AAA/Stable/A-1+) would provide...
Companies mentioned in this report are: Deutsche Bahn AG
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
Deutsche Bahn AG
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