Fitch cuts Ukrainian Railways

Fitch Ratings said it downgraded Ukrainian Railways’ long-term foreign-currency issuer default rating to Restricted Default (RD) from C following the execution of the consent solicitation to defer its debt servicing of its U.S. dollar loan participation notes maturing in 2024 and 2026.

Fitch also cut the long-term local-currency IDR to RD from C. The agency said it considers the consent solicitation to be a distressed debt exchange.

Concurrently, Fitch said it upgraded the IDRs to CC from RD, reflecting the railways' post-restructuring profile, which still has a high level of credit risk.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.