Milan, November 27, 2015 -- Moody's Investors Service (Moody's) has today affirmed Société Nationale des Chemins de fer Belges' (SNCB) A1 long-term issuer rating, its A1 senior unsecured rating, P-1 short-term commercial paper rating and the (P)A1 rating of its EUR1.0 billion Euro Medium Term Note (EMTN) programme. The outlook on the ratings is stable. Concurrently, Moody's downgraded SNCB's baseline credit assessment (BCA) to ba3 from ba1.

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