S&P ups Georgian Railways

Standard & Poor's said it raised the long-term foreign- and local-currency rating on Georgian Railways LLC to BB- from B+.

The agency also said it affirmed the B short-term rating on the company.

The outlook is stable.

The upgrade reflects a view that the company has improved its financial risk profile by extending the timeline for its modernization project, S&P said.

This lowers the risk of the company not being able to repay its eurobond due in 2015, the agency said.

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