Creditreform Rating has withdrawn the unsolicited corporate issuer rating of ÉPIC SNCF's of AA- / negative. The rating result is now n.r.
Creditreform Rating AG has withdrawn the unsolicited corporate issuer rating of ÉPIC SNCF (n.r. / not rated). The reason is the dissolution of the company following the implementation of the French railway package. All assets, rights and obligations were transferred to ÉPIC SNCF Mobilités at their net book values. ÉPIC SNCF Mobilités was renamed to SNCF S.A. and is a fully state owned company.
Creditreform Rating has set the unsolicited corporate issuer rating of ÉPIC SNCF to AA- with negative outlook. We believe that, given the expected liberalization of the passenger transport market and further internationalization of SNCF Mobilités, the supposed extraordinary support of the French government could be reduced in the event of financial needs. This explains the notch distance compared to the sovereign rating of the French Republic (AA / stable). The negative outlook is due to the current business development, especially given the exceptional costs associated with the strikes, as well as the expected increase in leverage. A deterioration in the creditworthiness of the group could lead to rating downgrade.
Creditreform Rating has confirmed the unsolicited corporate rating of Groupe Public Ferroviaire SNCF. The rating has been reviewed on the basis of the current rating methodology for government related corporates.