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-.
Fitch Ratings downgrade UZ credit rating to stable.
