ratings

	Long-term	Short-term
Fitch	AAA	F1+
Moody’s	Aaa	P-1
Standard & Poor’s	AA+	A-1+

 
Fitch Ratings (PDF, 42.3 kb)

"RFF is a public corporation which is fully-owned by the French State (Etablissement Public a Caractère Industriel ou Commercial - EPIC), and is the sole manager of France’s railway infrastructure network. RFF’s ratings are aligned with those of the Republic of France (’AAA’/’F1+’/Stable), as Fitch views the EPIC status as providing a solvency and liquidity guarantee provided by the State."
(15/02/2011)
 

Standard&Poor’s ratings (PDF, 448.7 kb)

"The ’AAA’ rating on Reseau Ferre de France (RFF), the owner of France’s rail infrastructure network, is based on an equalization with the long-term rating on the Republic of France (unsolicited rating AAA/Stable/A-1+). This reflects Standard & Poor’s Ratings Services’ view that there is an "almost certain" likelihood that the French sovereign would provide timely and sufficient extraordinary financial support to RFF in the event of financial distress. We consider RFF a government-related entity (GRE). The state does not explicitly guarantee RFF’s debt and RFF’s creditors have no direct recourse to the French government. However, owing to RFF’s status as a state public agency ("Etablissement Public à Caractère Industriel et Commercial; EPIC), the French government is, by law, ultimately responsible for RFF’s liabilities and would have to take over all of the company’s assets and liabilities if it were dissolved."
(04/08/2011)