Fitch ups Freight One to BBB-

Fitch Ratings said it upgraded JSC Freight One's long-term foreign and local currency issuer default ratings to BBB- from BB+. The outlook is stable.

The upgrade reflects Freight One's record of conservative financial metrics and Fitch's expectations the company will maintain its strong financial and business profiles. This makes the company less exposed to expected rates correction, volumes decline from 2020 and capital spending increases.

The ratings incorporate Freight One's position as one of the leading commercial rolling-stock operators, with a material, albeit declining market share, its exposure to cyclical commodity industries and its commitment to a conservative financial profile, Fitch said.

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