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Fitch assigns Georgian Railway notes BB-
Fitch Ratings said it has assigned Georgian Railway JSC's $500 million of 7.75% notes due 2022 a final foreign currency senior unsecured rating of BB-.
This is in line with the expected rating and the company's long-term foreign and local currency issuer default ratings of BB-/stable outlook, the agency said.
The notes rank equally with the existing notes.
Fitch said that it understands that Georgian Railway has used part of the net proceeds of the notes for a tender offer for the existing $250 million of 9.875% notes due 2015.
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