In this report, S&P Global Ratings ranks the transportation infrastructure companies it rates in Europe, the Middle East, and Africa (EMEA) from strongest to weakest.
We rank the companies by rating, outlook, stand-alone credit profile (SACP), business and financial risk profile, and liquidity assessment. Investment-grade companies (rated 'BBB-' or above) are ranked by business risk profile, then financial risk profile. Speculative-grade companies (rated 'BB+' and below) are ordered by financial risk profile, then business risk profile. We then list companies in alphabetical order if they are not distinguished by these factors.
In line with our corporate rating methodology, the rating may differ from the SACP, where government, group, or rating above the sovereign considerations apply. Where the SACP differs from the anchor, we have applied one or more modifiers, which may include that for liquidity. We have noted the anchor and active modifiers of each company for informational purposes only. For a more detailed analysis of each company, please refer to the company-specific pages on RatingsDirect via the hyperlinks below.
For our sector outlook and analysis, please refer to the related research section at the end of this article.
Table 1
Ranking of EMEA transportation infrastructure companies | ||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Company | Country | Foreign currency long-term rating | Outlook/ CreditWatch | GRE | SACP | Business risk profile | Financial risk profile | Liquidity | Anchor | Modifier | ||||||||||||
Deutsche Bahn AG |
Germany | AA- | Positive | Very high (+5) | bbb | Strong | Significant | Adequate (0) | bbb | |||||||||||||
Flughafen Zurich AG |
Switzerland | A+ | Positive | Moderate (+1) | a | Strong | Modest | Strong (0) | a | |||||||||||||
DARS d.d. |
Slovenia | A+ | Positive | Extremely high (+5) | bbb- | Strong | Significant | Adequate (0) | bbb | Comparable rating analysis: Negative (-1) | ||||||||||||
NATS (En Route) PLC |
United Kingdom | A+ | Stable | High (+1) | a | Strong | Modest | Strong (0) | a+ | Comparable rating analysis: Negative (-1) | ||||||||||||
VR-Yhtyma Oyj |
Finland | A+ | Stable | High (+3) | bbb+ | Satisfactory | Modest | Adequate (0) | bbb+ | |||||||||||||
Avinor AS |
Norway | A+ | Stable | Very high (+4) | bbb | Strong | Intermediate | Adequate (0) | bbb+ | Comparable rating analysis: Negative (-1) | ||||||||||||
Societe Nationale SNCF |
France | A+ | Stable | Extremely high (+4) | bbb | Strong | Significant | Adequate (0) | bbb | |||||||||||||
Royal Schiphol Group N.V. |
Netherlands | A | Positive | Moderately high (+2) | bbb+ | Excellent | Significant | Adequate (0) | a- | Comparable rating analysis: Negative (-1) | ||||||||||||
daa PLC |
Ireland | A | Stable | Moderately high (+1) | a- | Strong | Modest | Strong (0) | a | Comparable rating analysis: Negative (-1) | ||||||||||||
NS Groep N.V. |
Netherlands | A | Stable | High (+3) | bbb | Satisfactory | Intermediate | Adequate (0) | bbb | |||||||||||||
Societe Nationale des Chemins de Fer Belges |
Belgium | A | Stable | Extremely high (+9) | b | Satisfactory | Highly leveraged | Adequate (0) | b+ | Comparable rating analysis: Negative (-1) | ||||||||||||
SEA S.p.A. |
Italy | A- | Stable | Moderate (0) | a+ | Strong | Minimal | Strong (0) | aa- | Comparable rating analysis: Negative (-1), Rating above the sovereign (-2) | ||||||||||||
Autoroutes du Sud de la France S.A. |
France | A- | Stable | N/A | a | Excellent | Intermediate | Strong (0) | a | Entity status within group: Core (-1) | ||||||||||||
Cofiroute |
France | A- | Stable | N/A | a | Excellent | Intermediate | Strong (0) | a | Entity status within group: Core (-1) | ||||||||||||
APRR S.A. |
France | A- | Stable | N/A | a- | Excellent | Intermediate | Strong (0) | a | Comparable rating analysis: Negative (-1) | ||||||||||||
VINCI S.A. |
France | A- | Stable | N/A | a- | Strong | Modest | Strong (0) | a+ | Financial policy: Negative (-1), Comparable rating analysis: Negative (-1) | ||||||||||||
Aeroports de Paris |
France | A- | Stable | Moderate (0) | a- | Strong | Intermediate | Adequate (0) | a- | |||||||||||||
Vygruppen AS |
Norway | A- | Negative | High (+3) | bbb- | Satisfactory | Significant | Strong (0) | bb+ | Comparable rating analysis: Positive (+1) | ||||||||||||
Heathrow Funding Ltd. - Class A |
United Kingdom | BBB+* | Stable | N/A | bbb | Excellent | Agressive | Strong (0) | bbb | Structural features: (+1) | ||||||||||||
Gatwick Funding Ltd. |
United Kingdom | BBB+* | Stable | N/A | bbb | Strong | Significant | Adequate (0) | bbb | Structural features: (+1) | ||||||||||||
Aeroporti di Roma SpA |
Italy | BBB | Stable | N/A | a | Strong | Modest | Strong (0) | a+ | Comparable ratings analysis: Negative (-1), Entity status within group: Highly strategic insulated (-3) | ||||||||||||
Ferrovie dello Stato Italiane |
Italy | BBB | Stable | Extremely high (-1) | bbb+ | Strong | Intermediate | Adequate (0) | bbb+ | |||||||||||||
Indigo Group S.A. |
France | BBB | Stable | N/A | bbb | Strong | Significant | Strong (0) | bbb | |||||||||||||
Renfe Operadora Entidad Publica Empresarial |
Spain | BBB | Stable | Very high (+4) | bb- | Satisfactory | Highly leveraged | Adequate (0) | b+ | Comparable rating analysis: Positive (+1) | ||||||||||||
Holding d'Infrastructures de Transport S.A.S. |
France | BBB- | Stable | N/A | bbb | Strong | Intermediate | Strong (0) | bbb+ | Financial Policy: Negative (-1), Entity within group: Highly strategic (-1) | ||||||||||||
Abertis Infraestructuras S.A. |
Spain | BBB- | Stable | N/A | bbb- | Strong | Significant | Strong (0) | bbb | Comparable rating analysis: Negative (-1) | ||||||||||||
Autostrade per l'Italia SpA |
Italy | BBB- | Stable | High (0) | bbb- | Satisfactory | Significant | Adequate (0) | bbb- | |||||||||||||
Mundys SpA |
Italy | BB+ | Stable | N/A | bb+ | Strong | Significant | Adequate (0) | bbb | Comparable rating analysis: Negative (-1), Group cash flow restrictions (-1) | ||||||||||||
Mersin Uluslararasi Liman Isletmeciligi A.S. |
Turkey | BB | Stable | N/A | bbb- | Satisfactory | Intermediate | Adequate (0) | bbb- | Rating above the sovereign (-2) | ||||||||||||
Getlink |
France | BB | Stable | N/A | bb+ | Strong | Aggressive | Adequate (0) | bb+ | Group cash flow restrictions (-1) | ||||||||||||
MEIF 5 Arena Holdings S.A. |
Spain | BB | Stable | N/A | bb | Satisfactory | Aggressive | Adequate (0) | bb | |||||||||||||
Kazakhstan Temir Zholy |
Kazakhstan | BB | Stable | Very high (+2) | b+ | Fair | Aggressive | Less than adequate (-1) | bb- | |||||||||||||
ContourGlobal Ltd. |
United Kingdom | BB- | Stable | N/A | bb- | Satisfactory | Highly leveraged | Adequate (0) | b+ | Comparable rating analysis: Positive (+1) | ||||||||||||
EP Bco S.A. |
Netherlands | BB- | Stable | N/A | bb- | Satisfactory | Highly leveraged | Adequate (0) | b+ | Comparable rating analysis: Positive (+1) | ||||||||||||
Georgian Railway JSC |
Georgia | BB- | Stable | Very high (+2) | b | Weak | Highly leveraged | Adequate (0) | b | |||||||||||||
Q-Park Holding I B.V. |
Netherlands | BB- | Stable | N/A | bb- | Strong | Highly leveraged | Adequate (0) | bb | Comparable rating analysis: Negative (-1) | ||||||||||||
TAV Havalimanlari Holding AS |
Turkey | BB- | Developing | N/A | b+ | Satisfactory | Highly leveraged | Less than adequate (0) | b+ | Entity status within group: Moderately strategic (+1) | ||||||||||||
Ukrainian Railways JSC |
Ukraine | CCC- | Negative | N/A | ccc- | - | - | - | - | |||||||||||||
*Refers to the Class A Senior Secured issue credit rating. N/A--Not applicable. Source: S&P Global Ratings. |
The table and charts in this publication provide an overview of the 38 entities we rate in the EMEA infrastructure transportation industry. We rate 27 entities as investment-grade and 11 entities as speculative-grade.
Chart 1
About 82% of outlooks are stable; 10% are positive, relating to the airports sector; 5% are negative, relating to the rail sector; and 3% are developing (see chart 2).
Chart 2
Our business risk profile assessments mirror our view of each entity's competitive position in this sector and is mainly distributed among the strong and satisfactory categories (see chart 3). Where they diverge, it is usually because we consider country risk is high, which constrains the business risk profile.
Chart 3
The financial risk profile assessments in this sector are distributed mainly among the intermediate, significant, and aggressive categories (see chart 4).
Chart 4
Roughly 50% of the ratings incorporate one or more modifiers. This mainly stems from the comparable ratings analysis (which we use to consider credit factors that we have not already factored into the ratings), the effect of the entity status within its group, and structural features.
Of the rated issuers, the liquidity position is adequate for 65% and strong for 30% (see chart 5). This reflects the sector's good access to debt markets.
Chart 5
Related Criteria
- Group Rating Methodology, July 1, 2019
- Rating Government-Related Entities: Methodology And Assumptions , March 25, 2015
- Corporate Methodology, Nov. 19, 2013
- Corporate Methodology: Ratios And Adjustments, April 1, 2019
Related Research
- New French Transport Infrastructure Tax Could Delay Operators’ Long-Term Deleveraging: Jan. 22, 2024
- EMEA Infrastructure: Handbook, Jan. 16, 2024
- Industry Credit Outlook 2024: Infrastructure, Jan. 9, 2024
- Proposed Tax Tests French Infrastructure Regulatory Framework, Oct. 16, 2023
- Industry Top Trends Update Europe: Transportation, July 18, 2023
This report does not constitute a rating action.
Primary Credit Analyst: | Gonzalo Cantabrana Fernandez, Madrid + 34 91 389 6955; gonzalo.cantabrana@spglobal.com |
Secondary Contacts: | Karl Nietvelt, Paris + 33 14 420 6751; karl.nietvelt@spglobal.com |
Luca Deslondes, Paris; luca.deslondes@spglobal.com |
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