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Financial position

NS's solid financial position deteriorated sharply over the past year. This is reflected in the structure and composition of the available capital, and in the available cash resources including any committed credit facilities. In October, Standard & Poor’s (S&P), a leading credit rating agency that investigates the financial position of companies, lowered the credit rating of NS Groep NV from A+ to A with a negative outlook. This rating is based on an underlying credit profile of bbb, raised by three notches given that the Dutch State is our sole shareholder.
The estimated long-term impact of COVID-19 on the business has been factored into the financial forecasts for the coming twelve months. At year-end 2020, cash resources available in the Netherlands amounted to over €600 million. In addition, NS has access to a credit facility of €645 million and entered into financing agreements in December covering an amount of over €300 million. For further details, see the going concern section in the financial statements.

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