S&P lifts NS Groep view to stable

S&P said it revised the outlook on NS Groep to stable from negative and affirmed the A+ long-term issuer credit rating.

The agency said it expects NS Groep's solid operating performance, increasing capacity, quality of service and implementation of cost efficiencies to continue in the near term.

NS Groep also said it continues to deliver its relatively large investment program, which should further improve service quality and customer experience, placing the group in a good position ahead of its main concession expiring in December 2024, S&P said.

Growth in the German regional rail market will be driven by already won concessions, currently in the mobilization stage, the agency said.

Operating cash flows and leverage will partly suffer in the next year as NS Groep embarks on delivering its relatively large investment program to continue improving service quality and customer experience, S&P said.

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