S&P affirms Ukrainian Railways

Standard & Poor’s said it affirmed its CCC long-term corporate credit rating on Ukrainian railway company the State Administration of Railways Transport of Ukraine (Ukrainian Railways). The outlook is negative.

At the same time, S&P affirmed the CCC issue rating on the loan participation notes issued by Shortline plc and on-lent to Ukrainian Railways.

The geopolitical risks in Ukraine, together with deepening economic recession are putting pressure on Ukrainian Railways’ ability to generate cash while local financial markets remain very vulnerable. This has elevated liquidity risk for the company, which faces significant debt maturities over the next 12 months.

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