S&P cuts Ukrainian Railways

S&P said it lowered Ukrainian Railways’ issuer rating to CC from CC- after the issuer reported a consent solicitation offer to its 2024 and 2026 eurobond noteholders to defer payments by 24 months. The agency does not rate these bonds.

“We see a material weakening in the UR's debt repayment capacity, and we think a default on the UR's debt is an almost certainty as per S&P Global Ratings methodology,” the agency said in a press release.

The outlook is negative.

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