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European rating agency. Objective, transparent, independent.

Infrabel S.A.

Rating History

Rating Watch Outlook Decision Date Action Validity Date Maximum Validity
AA- Outlook NEG 15.10.2021 25.10.2021
AA- Outlook NEG 04.12.2020 08.12.2020
AA- Outlook STA 19.12.2018 21.12.2018

News

  • 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.