Fitch rates RZD's LPNs BBB

Fitch Ratings said it assigned RZD Capital plc's 3.3744% €1 billion loan participation notes due 2021 a final senior unsecured BBB rating, 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.

Russian Railways will use the proceeds of the loans in the ordinary course of its business, including for funding the company's investment program and the repayment of indebtedness. RZD Capital's noteholders rely upon Russian Railways' credit and financial standing for the payment of obligations under the LPNs.

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