Fitch: Freight One on watch

Fitch Ratings said it maintained Russia-based OJSC Freight One's ratings on Rating Watch negative.

The maintained negative watch follows an announcement by parent JSC Russian Railways that on July 28 the Government of the Russian Federation, its sole shareholder, approved a sale of 75% less two shares in Freight One by the end of 2011.

Fitch views the existing stand-alone business and financial profile of Freight One as commensurate with a long-term IDR of BB+. Consequently, following the disposal by Russian Railways, Fitch will no longer incorporate the parental support into Freight One's ratings.

Fitch rates Freight One's long-term foreign currency issuer default rating at BBB-; long-term local currency IDR at BBB-; short-term foreign currency IDR at F3;short-term local currency IDR at F3; and national long-term rating at AA+(rus).

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