Fitch rates Russian Railways bonds AAA(rus)

Fitch Ratings said it assigned national senior unsecured ratings of AAA(rus) to JSC Russian Railways' RUR15 billion domestic bond issue series 09 with a coupon of 13 ½% due Nov. 2013 and its RUR15 billion domestic bond issue series 11 with a coupon of 13 ½% due Nov. 2015. The company's long-term foreign- and local-currency issuer default ratings are BBB+ with a negative outlook, short-term foreign- and local-currency issuer default ratings are F2 and national long-term rating is AAA(rus) with a stable outlook.

The bond issues are placed under the company's domestic bond program of RUR80 billion. It plans to use the proceeds from the bond issues for financing capital expenditures and general corporate purposes, the agency said.

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