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Strike action and TfL switcheroo unlikely to hit UK train ratings, Fitch says

Tue, 13th Dec 2016 15:23

(ShareCast News) - With UK train companies' debt coming under the investor microscope, ratings agency Fitch Ratings said the current uncertainty in the rail market and various industrial strikes were unlikely to have an effect on their credit ratings.Incumbent rail operators rated by Fitch include, indirectly through their subsidiaries and joint ventures, Deutsche Bahn, Stagecoach Group, FirstGroup and National Express Group, Fitch did not mention Go-Ahead Group, which runs the Southern franchise under the Govia joint venture.UK rail franchises all now contain high levels of off-balance sheet risk capital that operators must pledge to the government, which the ratings agencies can count as debt and, some analysts have recently pointed out, means while operators are comfortably financed right now, they might not be able to afford many more large guarantees in future. Southern and East Coast franchises have been affected by industrial action in recent months, though while Southern services have been hampered the East Coast franchise, which is run by Stagecoach, has broadly been able to maintain its schedules.Fitch said it did not expect the industrial action to materially impact Stagecoach's credit profile.Furthermore, after recent announcements from the Department for Transport's (DfT) have implied the government has decided to reverse the plan to hand control of suburban rail services in London to TfL when franchises come up for renewal, Fitch said it viewed this decision as "mildly positive for train operators" in the future.It added that the likely decision "avoids uncertainty surrounding how these new London operations would be awarded and the potential complications that could arise" for train operators dealing with the TfL and Department for Transport.The DfT has also announced its intention to have greater integration between TOCs and infrastructure teams, which will be applied to new franchises starting with the South Eastern and East Midlands franchises, which are both due in 2018, so will not impact existing train operation contracts."There is a lack of clarity on the structure of the integrated functioning, but Fitch views this change as neutral on the assumption that it will not expose TOCs' balance sheets to infrastructure risk."We note that Stagecoach's alliance with Network Rail on South West Trains was mutually dissolved after three years in 2015 due to its complexity."
More News
15 Jan 2024 12:09

Train drivers announce fresh strike dates

(Sharecast News) - Train drivers' union Aslef announced a new round of strikes on Monday, in its ongoing pay dispute with 16 train operators.

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24 Feb 2023 14:37

Rail workers' union accepts offer from train operators

(Sharecast News) - Relief from months of railway strikes and industrial action looked to be on the horizon on Friday, as members of the TSSA union accepted offers from train operators.

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20 Dec 2022 11:46

Train drivers to stage another strike in January

(Sharecast News) - Train drivers announced another one-day strike on Tuesday, set down for 5 January, after members at 15 train operators voted for more walk-outs in a long-running dispute over pay.

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10 Oct 2022 11:06

Go-Ahead, now owned by Kinetic and Globalvia, to de-list on Tuesday

(Alliance News) - Go-Ahead on Monday requested for its shares to be suspended from trading in London, as its takeover by a consortium of Kinetic TCo Pty Ltd and Globalvia Inversiones SAU has become effective.

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6 Oct 2022 17:24

Go-Ahead Group says High Court gives green light to merger agreement

(Alliance News) - Go-Ahead Group PLC on Thursday said the High Court of Justice in England and Wales allowed the acquisition of the company by Gerrard Investment Bidco Ltd.

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29 Sep 2022 15:42

UK dividends calendar - next 7 days

Friday 30 September 
Admiral Group PLCdividend payment date
Admiral Group PLCspecial dividend date
Alliance Trust PLCdividend payment date
Antofagasta PLCdividend payment date
Atlantis Japan Growth Fund Ltddividend payment date
BlackRock World Mining Trust PLCdividend payment date
Breedon Group PLCdividend payment date
Carr's Group PLCdividend payment date
CT Property Trust Ltddividend payment date
CT UK Capital & Income Investment Trust PLCdividend payment date
Develop North PLCdividend payment date
Downing Renewables & Infrastructure Trust PLCdividend payment date
Energean PLCdividend payment date
FDM Group PLCdividend payment date
Henderson Diversified Income Trust PLCdividend payment date
HICL Infrastructure PLCdividend payment date
Honeycomb Investment Trust PLCdividend payment date
Imperial Brands PLCdividend payment date
International Personal Finance PLCdividend payment date
Knights Group Holdings PLCdividend payment date
Miton UK Microcap Trust PLCdividend payment date
NextEnergy Solar Fund Ltddividend payment date
PayPoint PLCdividend payment date
Premier Miton Global Renewables Trust PLCdividend payment date
ProCook Group PLCdividend payment date
Redde Northgate PLCdividend payment date
RM Infrastructure Income PLCdividend payment date
Robert Walters PLCdividend payment date
Schroder European Real Estate Investment Trust PLCdividend payment date
SDCL Energy Efficiency Income Trust PLCdividend payment date
TClarke PLCdividend payment date
Temple Bar Investment Trust PLCdividend payment date
ThomasLloyd Energy Impact Trust PLCdividend payment date
Triple Point Social Housing REIT PLCdividend payment date
Monday 3 October 
Appreciate Group PLCdividend payment date
Blackrock Sustainable American Income Trust PLCdividend payment date
CLS Holdings PLCdividend payment date
Warehouse REIT PLCdividend payment date
Tuesday 4 October 
Croda International PLCdividend payment date
Rathbone Group PLCdividend payment date
Cohort PLCdividend payment date
Wednesday 5 October 
Savills PLCdividend payment date
Thursday 6 October 
abrdn Latin American Income Fund Ltdex-dividend date
abrdn Smaller Companies Income Trust PLCex-dividend date
abrdn UK Smaller Companies Growth Trust PLCex-dividend date
Andrews Sykes Group PLCex-dividend date
Andrews Sykes Group PLCspecial dividend date
Anglo Pacific Group PLCex-dividend date
Bodycote PLCex-dividend date
Centaur Media plcex-dividend date
Centrica PLCex-dividend date
ConvaTec Group PLCdividend payment date
CT Private Equity Trust PLCex-dividend date
CT UK High Income Trust PLCex-dividend date
D4T4 Solutions PLCspecial dividend date
DS Smith PLCex-dividend date
EMIS Group PLCex-dividend date
European Assets Trust PLCex-dividend date
F&C Investment Trust PLCex-dividend date
Go-Ahead Group PLCspecial dividend date
Gresham House PLCex-dividend date
GSK PLCdividend payment date
Hammerson PLCex-dividend date
Hunting PLCex-dividend date
ICG-Longbow Senior Secured UK Property Debt Investments Ltdex-dividend date
Inspecs Group PLCdividend payment date
InterContinental Hotels Group PLCdividend payment date
Intertek Group PLCdividend payment date
Johnson Service Group PLCex-dividend date
Kainos Group PLCex-dividend date
Keywords Studios PLCex-dividend date
Kingfisher PLCex-dividend date
Learning Technologies Group PLCex-dividend date
Manolete Partners PLCdividend payment date
Martin Currie Global Portfolio Trust PLCex-dividend date
Mears Group PLCex-dividend date
MIGO Opportunities Trust PLCdividend payment date
Morgan Sindall Group PLCex-dividend date
Mortgage Advice Bureau (Holdings) PLCex-dividend date
Murray International Trust PLCex-dividend date
North American Income Trust PLCex-dividend date
Pantheon Infrastructure PLCex-dividend date
RIT Capital Partnersex-dividend date
Serco Group PLCdividend payment date
Shires Income PLCex-dividend date
Smart Metering Systems PLCex-dividend date
Spectris PLCex-dividend date
Supermarket Income REIT PLCex-dividend date
Synthomer PLCex-dividend date
Ten Entertainment Group PLCex-dividend date
TP ICAP Group PLCex-dividend date
Travis Perkins PLCex-dividend date
Troy Income & Growth Trust PLCex-dividend date
Uniphar PLCdividend payment date
Vistry Group PLCex-dividend date
VPC Specialty Lending Investments PLCdividend payment date
Weir Group PLCex-dividend date
  
Copyright 2022 Alliance News Limited. All Rights Reserved.

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6 Sep 2022 09:10

IN BRIEF: Go-Ahead hit by cyber attack but says no impact on trains

Go-Ahead Group PLC - Newcastle, England-based public transport operator - Suffers cyber security incident, detecting unauthorised activity on its network on Monday. Says it will continue to investigate the potential impact of the attack, but confirms that there was no impact on UK or international rail services, which are operating normally. As a precaution, Go-Ahead has notified relevant regulators, including the UK's Information Commissioner's Office, it adds.

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6 Sep 2022 07:55

Go-Ahead hit by cyber security incident, rail services unaffected

(Sharecast News) - Transport operator Go-Ahead said it is currently managing a cyber security incident, having detected unauthorised activity on its network on Monday, but insisted its rail services have not been affected.

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6 Sep 2022 07:49

LONDON BRIEFING: Truss takes reins; Australia hikes rates for 4th time

(Alliance News) - Stocks in London were called to open lower on Tuesday as Europe continues to face an energy crisis, while sterling strengthened as Liz Truss starts work as the new prime minister of the UK.

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9 Aug 2022 15:51

UK shareholder meetings calendar - next 7 days

Wednesday 10 August 
AssetCo PLCGM re share split
Ariana Resources PLCAGM
Cadence Minerals PLCAGM
CML Microsystems PLCAGM
Foresight Group Holdings LtdAGM
Mountview Estates PLCAGM
Unbound Group PLCGM re open offer
Thursday 11 August 
Inspecs Group PLCAGM
Marks Electrical Group PLCAGM
Silver Bullet Data Services Group PLCAGM
Friday 12 August 
iEnergizer LtdAGM
Ironveld PLCGM re proposals to remove directors
Old Mutual LtdGM
Pineapple Power CorpAGM
Monday 15 August 
Ascent Resources PLCGM re annual report
Corcel PLCAGM
Coro Energy PLCGM re annual report
Forward Partners Group PLCAGM
Ince Group PLCGM re fundraise
Red Rock Resources PlcGM  convertible loans
Schroders PLCGM re dual class share structure
Tuesday 16 August 
Go-Ahead Group PLCGM re takeover by Kinetic and Globalvia consortium
NatWest Group PLCGM proposed special dividends
  
Copyright 2022 Alliance News Limited. All Rights Reserved.

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8 Aug 2022 19:11

IN BRIEF: Go-Ahead bidders receive undertakings from Threadneedle

Go-Ahead Group PLC - public transport operator - Consortium in process of buying Go-Ahead, comprised of Kinetic TCo Pty Ltd and Globalvia Inversiones SAU, says it receives additional letter of intent from Threadneedle Asset Management to vote in favour of the deal. Threadneedle holds 7.7% stake in Go-Ahead, representing 3.3 million shares.

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5 Aug 2022 10:02

LONDON BROKER RATINGS: Jefferies cuts Go-Ahead, Mediclinic to 'hold'

(Alliance News) - The following London-listed shares received analyst recommendations Friday morning and Thursday:

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5 Aug 2022 07:23

Jefferies downgrades Go-Ahead, lifts price target after improved takeover offer

(Sharecast News) - Jefferies downgraded Go-Ahead on Friday to 'hold' from 'buy' as it lifted its price target to 1,550p from 1,320p to reflect the increased takeover offer from Kinetic and Globalvia.

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4 Aug 2022 12:09

LONDON MARKET MIDDAY: BoE hikes, expects UK recession in 4th quarter

(Alliance News) - London shares price made some gains on Thursday morning, though these fell well short of the market rise seen on mainland Europe, as traders in London showed signs of trepidation leading up to the Bank of England's interest rate decision.

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4 Aug 2022 11:51

Go-Ahead backs improved takeover offer from Kinetic and Globalvia

(Alliance News) - Go-Ahead PLC on Thursday said it backs a slightly improved takeover offer from a consortium consisting of Kinetic Holding and Globalvia Inversiones.

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