Moody’s raises Reliance Rail, debt

Moody's Investors Service said it upgraded the senior secured rating of Reliance Rail Finance Pty. Ltd. to Ba3 from B1 and its subordinated debt rating to B2 from B3.

The outlook is positive.

"The ratings upgrade reflects Reliance Rail's solid operating track record over the past 12 months, which resulted in gradual improvement in reliability as well as lower than expected revenue abatements," Moody's vice president and senior analyst Spencer Ng said in a news release.

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