Fitch lowers Ukrainian Railway

Fitch Ratings said it downgraded Ukrainian Railway’s long-term foreign-currency issuer default rating to RD (restricted default) from C following completion of its eurobonds exchange.

The rating was then upgraded to CCC.

Following the exchange, Fitch said it withdrew the long-term foreign-currency rating of C on Shortline plc’s $500 million loan participation notes due 2018.

The agency also said it assigned a CCC rating to Shortline’s new $500 million loan participation notes due 2021, which were issued in exchange to the original 2018 notes.

Ukrainian Railway’s long-term local-currency issuer default rating of RD and national long-term rating of RD (ukr) are unaffected.

The successful completion of the exchange lengthened the company’s external debt maturity profile, thereby reducing refinancing risks, Fitch said.

The company remains current on foreign-currency loans from international financial institutions, the agency added.

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