Fitch cuts Ukrainian Railways

Fitch Ratings said it downgraded Ukrainian Railways' long-term foreign-currency issuer default rating to C from CCC and local-currency IDR to CCC- from CCC. Ratings at this level typically do not carry outlooks due to their high volatility.

The rating actions follow Fitch's July 22 downgrade of Ukraine's sovereign ratings. “This rating action has a direct impact on UR's IDRs as it is deemed a government-related entity (GRE) of Ukraine based on Fitch's GRE rating criteria,” the agency said in a press release.

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