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European rating agency. Objective, transparent, independent.

SNCF S.A.

Rating History

Rating Watch Outlook Decision Date Action Validity Date Maximum Validity
A+ Outlook STA 15.10.2021 25.10.2021
AA- Outlook NEG 07.05.2020 15.05.2020
AA- Outlook NEG 31.08.2018 10.09.2018
AA- Outlook STA 24.04.2017 25.04.2017
AA- Outlook STA 01.02.2017 10.02.2017

News

  • 25.10.2021
    Creditreform Rating has set the unsolicited corporate issuer rating of SNCF at A+. The outlook is stable. The EUR 3.4bn net loss for the business year 2020 respectively the significant decline in our financial figure analysis as well as the considerable decline in passenger numbers in comparison to pre-pandemic levels that SNCF has also to deal with in the current financial year 2021 are essential for the downgrade by one notch. The government relation, systemic relevance and the expectation of a further recovery in business development, with rising passenger numbers and a decreasing impact of the pandemic, mainly limit the downgrade. We see the EUR 4.7bn railway recovery plan as a confirmation of our assessment that the French state would financially support SNCF S.A. in a crisis scenario, provided that it aligns with EU competition law.
  • 15.05.2020
    Creditreform Rating confirmed the unsolicited corporate issuer rating of SNCF S.A. at AA-. The outlook remains negative. The implementation of the French railway package has not changed our assessment of SNCF S.A. as a government related company. We continue to see a strong link between the French government and the SNCF-Group. The negative outlook is confirmed as we expect a significant decline in revenue and earnings in 2020 in all segments of the SNCF-Group following the adverse effects from the COVID-19 pandemic and the implemented lockdown measures.
  • 10.09.2018
    Creditreform Rating has set the unsolicited corporate issuer rating of ÉPIC SNCF Mobilités to AA- with negative outlook. We believe that, given the anticipated liberalization of the passenger transport market and further internationalization, 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 company stand-alone could lead to a rating downgrade.

    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.
  • 25.04.2017
    Creditreform Rating has confirmed the unsolicited corporate rating of ÉPIC SNCF Mobilités. The rating has been reviewed on the basis of the current rating methodology for government related corporates.
  • 10.02.2017
    Creditreform Rating has carried out an unsolicited corporate rating of ÉPIC SNCF Mobilités. The rating and the rating report can be purchased by request to Creditreform Rating AG.