Railway undertaking ratings
See NS Chapter 3, section 3.3.2.2
To be exempted from providing a guarantee (banking or insurance), the RU must have at least an official rating of no less than the following levels:
| Rating requirements of railway undertakings | |
|---|---|
| Moody's | Baa3 |
| Standard and Poor's | BBB- |
| Fitch | BBB- |
Guarantee institution ratings
See NS Chapter 3 sections 3.3.1.1
The RU must notify the RIM of the name of the banking or insurance institution issuing the guarantee. The issue of the proposed guarantee is subject to the assessments that will be specifically carried out by the RIM on the basis of the parameters described below:
| Minimum long-term rating requirement of guarantee institutions in the event of a bank guarantee | |
|---|---|
| Moody's | Baa3 |
| Standard and Poor's | BBB- |
| Fitch | BBB- |
| Other Agencies(*) | Equivalent level |
| Rating requirement of guarantee institutions in the event of an insurance guarantee | |
| Moody's | Baa3 |
| Standard and Poor's | BBB- |
| Fitch | BBB- |
| (*) For credit ratings from credit assessment institutions not included in the above list, the RIM shall assess their suitability in order to determine the creditworthiness of the guarantor institution and their equivalence to the required minimum level. | |
The RIM reserves the right to update the aforesaid minimum rating requirement which will be communicated promptly to the RU.
The RIM also reserves the right to ask for the guarantor to be replaced, within the guarantee period, in the event of unfavourable variations in the rating levels or financial performances of the Guarantor Banks and Insurance Companies.
Insurance institution ratings
See NS Chapter 3, section 3.3.2.3
The RU must inform the RIM in advance of the name of the insurance institution issuing the third-party liability policy. This institution must have at least an official rating of no less than the following levels:
| Insurance institution rating requirements | |
|---|---|
| Moody's | Baa3 |
| Standard and Poor's | BBB- |
| Fitch | BBB- |