Creditreform Rating confirmed the unsolicited rating of Infrabel S.A./N.V. under public law at AA-. The outlook has been revised from stable to negative. The main reasons that led to this decision was the high systemic relevance and the close relationship with the Belgian government. This close relationship is evidenced by its shareholder structure, of which 99.30% belong to the Belgian government directly. Additionally, the Group receives approximately 50% of its income and cash-flows via the allocation of government grants in the form of operating grants, capital grants and interest grants. Moreover, article 47, §1 of the Belgian railway code stipulates that there should be an equilibrium between the revenues, costs and government subsidies under normal conditions over a period of maximum of 5 years. If this is not the case, the government must take appropriate measures to guarantee this for Infrabel. The outlook has been revised from stable to negative because CRA revised the outlook from stable to negative for its sovereign rating for the Kingdom of Belgium (AA- / negative) as of 22.06.2020.
Creditreform Rating has carried out an unsolicited rating of Infrabel S.A./N.V. under public law The rating has been set to AA- with stable outlook.