S&P Global Ratings downgraded the long-term issuer default rating of Ukrzaliznytsia to the level of CCC from B-

S&P Global Ratings downgraded the long-term issuer default rating of Ukrzaliznytsia to the level of CCC from B-, the agency said Friday. S&P says the state railroad has one year to pay off $400 million in loans, including $200 million in July. S&P said: “We consider the liquidity of the company as weak, because we believe that the problems associated with COVID-19 may limit access to capital markets and affect the ability to generate cash flow from operating activities.