S&P rates Russian Railways notes BB+, BBB-

S&P said it assigned a BB+ long-term rating to the proposed dollar-denominated loan participation notes and a BBB- long-term rating to the ruble-denominated loan participation notes to be issued by Russian Railways JSC via its financing vehicle, RZD Capital plc.

The proceeds will be used to refinance a number of existing dollar- and Swiss franc- bonds due in 2017 and 2018.

The ruble notes will be used in the ordinary course of business, including refinancing of maturing debt, S&P said.

All key conditions of the new bonds will match those of the outstanding bonds, the agency said.

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