Fitch assigns RZD Capital notes BBB(exp) rating

Fitch Ratings said it assigned RZD Capital Ltd.'s proposed U.S. dollar-denominated and ruble-denominated loan participation notes expected senior unsecured BBB(exp) ratings.

The proposed notes will be issued on a limited recourse basis for the sole purpose of funding a loan by RZD Capital to JSC Russian Railways.

The gross proceeds of the loan will be used by the company in the ordinary course of its business. The noteholders will rely solely on Russian Railways' credit and financial standing for the payment of obligations under the further notes.

Russian Railways' ratings are aligned with those of the Russian Federation (BBB/stable/F3), its sole shareholder, at the BBB level and reflect their strategic, operational and financial links.

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