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Fitch puts Ukrainian Railway on watch
Fitch Ratings said it placed Ukrainian Railway's long-term issuer default and senior unsecured debt ratings and its special purpose vehicles’ ratings on rating watch negative.
“The rating action reflects our view of UR's tightened immediate liquidity position not fully offsetting debt servicing in 2021, with uncertainty about the pace of economic recovery after the coronavirus pandemic,” Fitch said in a press release.
The agency noted the railway’s 2021 debt amortization schedule includes repayments of up to UAH 5.69 billion in the remaining three quarters of 2021, with UAH 3.225 billion maturing on May 30, which materially pressures its already weakened liquidity position.
As of the end-April 2021, UR's liquidity coverage ratio, available undrawn lines of credit and unrestricted cash/scheduled repayments, was less than 1x, Fitch said.
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