S&P changes SNCF Reseau to negative

S&P said it revised the outlook on SNCF Reseau to negative from stable and affirmed the AA long-term and A-1+ short-term issuer credit ratings.

S&P said the outlook revision reflects its opinion that the significant debt increase envisaged under the 2017-2026 performance contract may potentially reflect a gradual weakening of the financial ongoing support from the state over time.

It reflects the agency’s opinion that within the next two years the state might not take remedial actions, such as a SNCF Reseau debt takeover, in the context of European budgetary constraints, S&P added.

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