Fitch lifts Freight One view to positive

Fitch Ratings said it revised the outlook on UCL Rail BV and its key 100% subsidiary, JSC Freight One, to positive from stable and affirmed their long-term issuer default ratings at BB+.

Fitch also said it withdrew UCL Rail's ratings for commercial reasons.

The outlook revision reflects expectations that Freight One will maintain a robust financial profile through 2022 with funds from operations adjusted net leverage falling below 1.5x, the agency said, despite the expected correction in freight rates once the rail fleet deficit is overcome.

The company is expected to remain committed to the conservative financial profile despite the sector cyclicality, Fitch said.

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