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29.07.2021

International rating agency Standard & Poor’s upgraded Ukrainian Railways' credit rating to CCC+, Outlook Stable

Given the significant improvement in Ukrainian Railways’ liquidity, one of the leading rating agencies Standard & Poor's upgraded the company's credit rating to CCC+, outlook Stable. Primarily, agency decision is driven by the successful issuance of USD 300 million in five-year loan participation notes and refinance of company’s current debt obligations.


According to the agency, the issuance of notes will allow the company to significantly improve liquidity and effectively manage the loan portfolio, in particular maturity payments during 2021-2022, despite the unstable operating environment and significant investment needs.


"Another leading rating agency — Standard & Poor's — has confirmed the correct vector of the company's development. This decision is an important indicator of Ukrainian Railways’ activity which provides confidence to investors in the company's stability”, — said acting chairman of the Management Board of Ukrainian Railways Ivan Yuryk.


Earlier, the international rating agency Fitch Ratings confirmed Ukrainian Railways’ credit rating at "B" and removed company from the Rating Watch Negative.


Thus, in July 2021, two of the three most influential international agencies in the world — Fitch and Standard & Poor’s — confirmed the effectiveness of the company’s decisions to achieve the highest possible results and ensure the sustainable industry activity.