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S&P puts Federal Passenger on watch
S&P said it placed the BBB- rating for Federal Passenger Co. on CreditWatch with negative implications, citing its forecast for a decline of up to 40% in passengers year on year.
“We believe that our adjusted FFO to debt could decline below 30% on average in 2020-2022, absent capex cuts or additional funding from the parent or the government. With a massive drop in passenger transportation, FPC's EBITDA could decline to about RUB 10 billion (about $135 million) in 2020 from RUB 30.7 billion in 2019,” the agency said in a press release.
S&P said it could downgrade Federal Passenger by a notch absent measures by the company to help offset the decline and government assistance or help from its parent Russian Railways.
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