Moody’s stabilizes Russian Railways view

Moody’s Investors Service said it changed the outlooks for Russian Railways JSC (RZD) and its subsidiary RZD Capital plc to stable from negative.

“The stable outlook reflects the robust recovery in RZD's operations from the pandemic-induced crisis, which drives good prospects for the company to restore its credit profile to the level commensurate with the current rating over the next two years, despite the limited flexibility to adjust its extensive investment program,” the agency said in a press release.

Moody’s also affirmed RZD’s Baa2 issuer and senior unsecured bonds ratings and RZD Capital’s Baa2 backed senior unsecured and senior unsecured bonds ratings and the Ba1 junior subordinated bond rating.

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