Fitch Ratings, an international credit rating agency, has withdrawn the ratings of the State Railway Administration (Ukrzaliznytsia), including its Long-term foreign currency Issuer Default Rating (IDR) of 'C' and Long-term local currency IDR of 'RD' (Restricted Default). This rating action follows the reorganisation of Ukrzaliznytsia into the Ukrainian Railway public joint-stock company (PJSC Ukrzaliznytsia), the Interfax Ukraine news agency reports, citing a Fitch press release.
Simultaneously Fitch assigned PJSC Ukrzaliznytsia a Long-term foreign currency IDR of 'C' and a Long-term local currency IDR of 'RD'.
According to the rating agency, the Long-term foreign currency IDR will be downgraded to 'RD' upon completion of the restructuring of the USD 500 million worth of Eurobonds due in 2018 and subsequently re-rated to reflect the company's post-exchange credit profile.
Fitch will also review and re-rate the company's local currency IDR and National Long-term rating once the company has completed its domestic debt restructuring and information is available on its post-restructuring credit profile.
"The company is likely to remain credit-linked to the Ukrainian sovereign," the rating agency said.
