Fitch affirms Freight One

Fitch Ratings said it affirmed OJSC Freight One's long-term foreign- and local-currency issuer default ratings at BB+, short-term foreign- and local-currency issuer default ratings at B and national long-term rating at AA(rus).

The outlook on the long-term ratings is negative.

The affirmation reflects Freight One's standalone credit profile without any parental support or constraint, the agency said.

The company's business profile is supported by its position as a leading freight rolling stock operator in Russia by fleet size and transportation volumes, with a strong ability to execute customer demand and a diversified fleet and customer base, the agency noted.

However, Freight One's business is exposed to volatile economic drivers affecting both volumes transported and freight rates, the agency said.

Freight One's balance sheet leverage was 0.3x as of year-end 2011.

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