S&P puts Ukrzaliznytsia on developing watch

S&P said it placed the CCC+ ratings on Ukrainian Railway PJSC (Ukrzaliznytsia) on CreditWatch developing.

Ukrzaliznytsia recently announced plans to issue loan participation notes in order to refinance its short-term debt, S&P said.

Ukrzaliznytsia has about UAH 12 billion of upcoming maturities over the 12 months, including two installments of its outstanding eurobond and UAH7.1 billion in the third-quarter of 2020, the agency said.

The company's ratings could be revised depending on the success and the terms of the proposed loan participating notes and further developments regarding the refinancing of upcoming maturities, S&P said.

S&P said it now sees potential upside stemming from the proposed notes and the company's refinancing strategy for its sizable maturities.

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