Infrabel S.A.

News

• 16.11.2022
  Creditreform Rating has affirmed the unsolicited corporate issuer rating of Infrabel S.A. at AA-. Creditreform Rating has also affirmed the unsolicited corporate issue rating of the long-term local currency senior unsecured notes issued by Infrabel S.A. at AA-. These issues are included in the list of ECB-eligible marketable assets, which can be found on the ECB's website. The outlook for the ratings remain negative. For more details regarding the ratings, please refer to our rating press release below.
• 25.10.2021
  Despite its fall in turnover by 7.7% to EUR 941 million and its negative EAT of EUR 24.8 million, which was driven by the COVID-19-pandemic, Creditreform Rating confirmed the unsolicited corporate issuer rating of Infrabel S.A. at AA-. The outlook remains negative. The main reasons that led to this decision are the high systemic importance as well as the close relationship to 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 a large share 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 negative outlook is derived from our sovereign rating of the Kingdom of Belgium, which currently stands at AA / negative.
• 08.12.2020
  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.
• 21.12.2018
  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.