Fitch downgrades Ukrainian Railways

Fitch Ratings has downgraded Ukrainian Railways’ long-term foreign-currency issuer default rating to C from CC following its consent solicitation to defer its debt servicing of its U.S. dollar loan participation notes maturing in 2024 and 2026. The agency also lowered the long-term local-currency issuer default rating to C from CCC- and lowered the stand-alone credit profile to c from ccc.

“Fitch views the solicitation as a distressed debt exchange (DDE) under its criteria, given the proposed restructuring involves a material reduction in terms and is being conducted to avoid insolvency,” the agency said in a press release.

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