OREANDA-NEWS. S&P Global Ratings said today that it affirmed its 'BB+' corporate credit rating on Portuguese rail operator Comboios de Portugal E. P.E (CP) and its 'BB+' issue rating on CP's senior unsecured notes. We then withdrew the corporate credit and issue ratings at the company's request. The outlook at the time of withdrawal was stable, in line with that on the sovereign credit rating on Portugal.

We equalize our long-term rating on CP with that on Portugal, based on our view of the almost certain likelihood that CP would receive timely and sufficient extraordinary support from the Portuguese government in the event of financial distress. We assess CP's stand-alone credit profile (SACP) at 'ccc+' based on our view of the company's capital structure as unsustainable. We consider that its financial commitments and leverage remain untenable in the short-to-long term on a stand-alone basis, as the company cannot meet its financial requirements without government support.