Fitch Ratings revises Ukrainian Railway’s Long-Term Issuer Default Rating, senior unsecured debt, and its SPVs on Rating Watch Negative,
the agency announced on April 29. The change reflects the company’s weakened liquidity position, according to the agency’s assessments. As of April, Ukrainian Railway’s liquidity coverage ratio, calculated as available undrawn lines of credit and cash/scheduled repayments, was less than 1x. “The company’s immediate liquidity position is insufficient to offset expected repayments of a local bank loan (USD116 million or equivalent UAH 3,225 million) maturing on 30 May. The company’s available immediate liquidity (as of 26 April 2021) is UAH 3,130 million,” according to Fitch.