Fitch rates RZD LPNs BBB

Fitch Ratings said it assigned RZD Capital plc's 2.177% CHF 525 million loan participation notes (LPNs) due 2018 and 2.73% CHF 150 million LPNs due 2021 senior unsecured final ratings of BBB, in line with JSC Russian Railways' long-term issuer default rating of BBB/stable.

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

The proceeds of the loans will be used by the company in the ordinary course of its business including funding its investment program and the repayment of indebtedness. The noteholders will rely solely on Russian Railways' credit and financial standing for the payment of obligations under the LPNs.

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