Fitch rates Russian Railways bonds AAA(rus)

Fitch Ratings said it has assigned JSC Russian Railways' prospective Russian ruble 10 billion due 2010 and Russian ruble 5 billion bonds due 2012 expected national senior unsecured AAA(rus) ratings.

The outlook is stable.

Fitch also assigned AAA(rus) ratings to three existing Russian Railways' bonds, each with Russian ruble 4 billion outstanding and having respective maturities of December 2005, 2007 and 2009. The Russian Federation is rated long-term foreign and local currency BBB with stable outlook.

The ratings reflect the company's close connections with the Russian Federation and the group's sustainable, profitable stand-alone financial profile, Fitch said.

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