Moody’s drops UCL Rail CFR to Ba2

Moody's Investors Service said it downgraded UCL Rail BV's corporate family rating to Ba2 from Ba1 and probability of default rating to Ba2-PD from Ba1-PD.

The outlook is negative.

At the same time, Moody's Interfax Rating Agency downgraded UCL Rail 's long-term national scale rating to Aa2.ru from Aa1.ru.

Moody’s said the downgrade reflects its view that UCL Rail's financial metrics, which have weakened beyond thresholds for the company's Ba1 rating, will not substantially recover over the next 12-18 months because of the persistently weak pricing environment in the Russian freight rail transportation market.

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