SNCF in 2022 : profile and key figures
Ratings and credit profile
We’re rated AA-, Aa3 and A+, reflecting SNCF Group’s inherently strong credit and our close ties to the French State. Even in the worst of the Covid-19 crisis, we maintained our ratings—proof of our adaptability, the complementary nature of businesses, and our genuinely close ties to the French State.
We’re committed to meeting the targets we set in 2020:
- net debt/EBITDA ratio below 6x by 2023
- FFO/net debt ratio above 10% by 2022
- positive free cash flow for the Group by 2022 and for SNCF Réseau by 2024
net debt/EBITDA ratio pledged by 2023
FFO/net debt ratio by 2022
free cash flow by 2022
Our credit profile
World’s 2nd-largest mobility group
- SNCF is the world’s second-largest mobility group by revenue, with a presence in every area of passenger and freight transport.
- Thanks to our international business, we’re a global leader in urban mass transit and logistics.
- We offer some of the cleanest transport modes on the market, which makes us a vital player in the push for green economies.
- Our environmental and social responsibility has earned us the highest non-financial ratings in Europe.
Sound financial structure
- The portion of the debt relief plan finalized in 2022 took €35 billion in liabilities off our balance sheet.
- We’re committed to meeting the targets set in 2020: net debt/EBITDA ratio below 6x by 2023; FFO/net debt ratio above 10% by 2022; and positive free cash flow by 2022.
- Setting our Golden Rule ratio at 6x limits the risk of future debt.
Strong support from the French State
- The French State has stepped up to support SNCF Group when we needed it, assuming €35 billion in debt and subscribing to a €4.05 billion capital increase after the Covid-19 crisis.
- SNCF Group is wholly owned by the French State, and shares may not be sold or transferred. The State appoints our CEO and one-third of our board of directors.
- SNCF carries out strategic missions for the State. These include our key role in the economy, employment, regional development, commuter mobility and equal access to every part of France, as well as our contributions to meeting COP 21 targets for greenhouse gas reduction, the energy transition and national defence.
- A large share of our revenue comes from regulated transport delivered under contracts with regional authorities.
|Agency||Short term||Long term||Outlook||Links|
|SNCF Group||S&P||A-1+||AA-||negative||Download the document (PDF in English, 174 KB)|
|SNCF Group||Moody’s||P-1||Aa3||stable||Download the document (PDF in English, 1.3 MB)|
|SNCF Group||Fitch||F1+||A+||negative||Download the document (PDF in English, 212 KB)|
|SNCF Réseau||S&P||A-1+||AA||stable||Download the document (PDF in English, 644 KB)|
|SNCF Réseau||Moody’s||P-1||Aa2||stable||Download the document (PDF in English, 1.8 MB)|
|SNCF Réseau||Fitch||F1+||AA||negative||Download the document (PDF in English, 251 KB)|
We’ve consolidated our fundamentals—both operational and financial—and made progress towards our financial commitments by broadening the scope of our action plans.
Deputy CEO and Chief Strategy and Finance Officer Laurent Trevisani (Investor Meeting – November 2020)
Our financing strategy
How it works
As SNCF Group’s sole bond issuer, SNCF SA raises financing for all of our subsidiaries. Proceeds are allocated within the Group based on need, through intra-group loans between SNCF SA and the subsidiaries.
Our financing strategy is three-pronged:
- Construct credit spread curves in euros and on green bond markets, in particular through benchmark issues
- Be active in public sterling and Swiss-franc markets
- Continue to issue innovative products such as inflation-linked bonds and NSVs, rounding them out with tailor-made private placements.
Our financing strategy focuses primarily on public benchmarks and tap issues. Private placements, in various currencies and formats, account for around 25% of our total.
We’re also diversifying our investor base by pursuing an energetic investor relations strategy in the Americas, Asia, Europe and the Middle East.
SNCF financing programmes
In 2020, we developed new financing programmes: 2 short-term programmes of Euro Commercial Paper and Negotiable European Commercial Paper and a long-term programme of Euro Medium-Term Notes.
Want to know more about SNCF Group’s financial position, ratings, financing needs, programmes and more? Our capital markets and investor relations team is at your service.