Fitch Ratings downgrade UZ credit rating to stable.

 Credit agency Fitch Ratings revised their credit rating of Ukrainian Railways (UZ) after the deterioration of the sovereign forecast. The forecast revision follows a recent change in Ukraine’s risk of default forecast as an issuer of long-term securities. An additional factor in the rating change is the net debt to EBITDA ratio, which is above 400%, and the deterioration of the company’s liquidity position. UZ’s credit rating is related to the Ukrainian rating, as the company is fully state-owned. Fitch confirmed the rating for UZ at level B, and the independent rating is rated B-.