Fitch upgrades Globaltrans

Fitch Ratings said it upgraded Globaltrans Investment plc’s long-term foreign- and local-currency issuer default ratings to BBB- from BB+. The outlook is stable.

The upgrade reflects Fitch’s expectations that Globaltrans will maintain its robust financial profile with funds from operations-adjusted net leverage at below 1.5x, despite high capital expenditures and shareholder distributions as well as the highly cyclical nature of the sector with expected market gondola rates correction from 2020.

The ratings incorporate Globaltrans’ position as one of the leading commercial rolling-stock operators and its exposure to cyclical commodity industries as well as its continued commitment to a conservative financial profile, Fitch said.

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