S&P has raised Ukrainian Railways’ (UZ) rating to the highest level since the war began.

The international rating agency S&P Global Ratings raised UZ’s rating  to the ССС+ level. As the company noted, the rating matches Ukraine’s sovereign rating, which is UZ’s highest rating under the current wartime conditions.

The recent completion of UZ’s restructuring of $894.9M in debt contributed to the rating increase. As a result of this agreement and other projects with international partners, the pressure on the company’s liquidity has been removed, and its contractual debt payments in 2023-2024 will be reduced by more than 90%.

The agency also noted the successful repurposing of a €150M EBRD credit line for liquidity needs and debt from Russian bank write-offs under a law that took effect in August 2022.