S&P lifts SNCF Réseau view to stable

S&P said it revised the outlook on SNCF Réseau to stable from negative and revised the assessment of the company's stand-alone credit profile to BB- from B.

The agency also affirmed the company's AA/A-1+ ratings.

The stable outlook reflects the outlook on France and an opinion that SNCF Réseau is almost certain to receive extraordinary support from the French government, if needed, S&P said.

S&P said it believes the French government has clarified the future governance of the SNCF rail group from 2020, confirming its very close relations with SNCF Réseau and the company's crucial importance in managing France's railway network.

France's rail reform promotes a more sustainable level of investment and operating costs while significantly reducing the company's large net reported debt, the agency added.

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