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Portugal: CP Carga and EMEF privatisation approved

agro-industriaisPortugal’s Council of Ministers approved the plan for the privatisation of state-owned rail freight operator CP Carga – Logística e Transportes Ferroviários de Mercadorias SA and Railway Equipment Maintenance Company (EMEF) on March 26. The procedure is expected to be completed before the end of July.

Moody’s rating agency has issued a note stating that it considers the privatization of CP Carga and EMEF will have a positive impact on Comboios de Portugal, as these two subsidiaries generate losses. However, Moody’s does not foresee changes of in CP’s rating, considering the business size of the two companies and the difficult financial situation. CP’s debt burden reached 4100 million euros in 2014.

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