S&P raises Ukrainian Railways

S&P said it upgraded Ukrainian Railways and its debt ratings to CCC+ from CCC.

“UR successfully boosted its liquidity position via the issuance of $300 million notes due in 2026. The company is using the proceeds to refinance maturing debt. It repaid $131 million of an outstanding loan to Sberbank and a part of its short-term debt due in 2021-2022, then it will reserve funds to make the last $50 million installment of its 2021 Eurobond in September this year. This refinancing removes immediate pressure from the company's liquidity due to high and concentrated maturity payments,” S&P said in a press release.

The agency said it forecasts UR’s 2021 EBITDA at about UAH 12 billion of EBITDA versus UAH 10 billion in 2020 and UAH 18 billion in 2019.

The outlook is stable.

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