Moody's lifts Reliance Rail to positive

Moody's Investors Service said it revised the outlook on Reliance Rail Finance Pty Ltd. to positive from stable.

The agency also said it affirmed the company's Ba2 senior secured debt and senior secured bank credit facility ratings, as well as its B1 senior subordinated debt rating.

The company is the funding vehicle for Reliance Rail Pty Ltd., which manufactured 78 trains for Sydney Trains and will carry out maintenance work for Sydney Trains until 2044, Moody's explained.

The positive outlook reflects a view of an increased likelihood of a successful refinancing, given supportive capital market conditions and the project's operating track record, the agency said.

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