Long-Term Local Currency Senior Unsecured Issues

SNCF S.A.

Rating	Watch	Outlook	Decision Date	Action Validity Date	Maximum Validity
AA-		Outlook NEG	07.05.2020	15.05.2020
AA-			08.10.2018	16.10.2018

15.05.2020

Based on the unsolicited corporate issuer rating of SNCF S.A. (AA-/negative), Creditreform Rating has conducted unsolicited corporate issue ratings issued by SNCF S.A. The rating objects in question are exclusively long term senior unsecured issues denominated in Euro, which have been issued by SNCF S.A., and are included in the list of ECB-eligible marketable assets. The ECB list of eligible marketable assets can be found on the ECBs website. All the following issues (ISIN) are rated with AA- with negative outlook.
16.10.2018

Based on the unsolicited corporate issuer rating of ÉPIC SNCF Mobilités (group) (AA-/negative), Creditreform Rating has conducted unsolicited corporate issue ratings (ISIN) issued by ÉPIC SNCF Mobilités (group). The rating objects in question are exclusively long term senior unsecured issues denominated in Euro, which have been issued by ÉPIC SNCF Mobilités (group) and included in the list of ECB-eligible marketable assets. The ECB list of eligible marketable assets can be found on the ECBs website. All the following issues (ISIN) are rated with AA-. ÉPIC SNCF Mobilités changed its name into SNCF S.A. as of 1 January 2020 following the implementation of the French railway pact. The current rating of ÉPIC SNCF Mobilités will as of now be registered under SNCF S.A.