Fitch withdraws Ukrzaliznytsia, rates Ukrainian Railway C

Fitch Ratings said it withdrew Ukrzaliznytsia (State Administration of Railways Transport of Ukraine)’s ratings, including its long-term foreign currency issuer default rating of C and long-term local currency issuer default rating of RD (Restricted Default).

This follows the reorganization of Ukrzaliznytsia into PJSC Ukrainian Railway. Accordingly, the agency will no longer provide ratings for Ukrzaliznytsia.

Simultaneously Fitch assigned Ukrainian Railway a long-term foreign currency issuer default rating of C and a long-term local currency issuer default rating of RD.

Ukrainian Railway is a legal successor of Ukrzaliznytsia, the country's six regional railway enterprises and other railway transport enterprises, which were merged as a result of the reorganization as part of Ukraine's railway transportation reform for 2010-2019. Following the reorganization Fitch withdrew the ratings of Ukrzaliznytsia and assigned ratings to the new entity Ukrainian Railway, using the same credit-linked public-sector entity (PSE) approach as per Fitch's PSEs rating criteria.

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