Fitch Ratings improves Ukrzaliznytsia’s credit forecast
International rating agency Fitch Ratings has improved the credit forecast of Ukrzaliznytsia JSC.
Fitch Ratings reaffirmed the long-term default rating of Ukrainian Railways JSC at “B” and removed it from the Rating Watch Negative (RWN) list. The forecast is “Stable”, – it is said on the agency’s website. This was reported by the railway magazine Railway Supply
It is explained that the exclusion from the RWN list reflects the opinion of the agency that the current liquidity position of UZ has improved after the issuance of five-year debt in the amount of $ 300 million. “We believe that the company has convenient opportunities to cover the projected debt service needs in the second half of 2021 and 2022”, Fitch Ratings said.
Early in July Ukrzaliznytsia placed 5-year Eurobonds worth $ 300 million. “This money is entirely intended to refinance the company’s old debts”, said Ivan Yuryk. As noted in UZ, the issue of bonds will reduce the company’s debt in the short term.
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