Moody’s: Globaltrans, New Forwarding to stable

Moody's Investors Service said it changed the outlook on the Ba3 corporate family rating and the Ba3-PD probability of default rating of Globaltrans Investment plc, as well as the B1 senior unsecured rating assigned to the domestic bonds issued by New Forwarding Co. OAO, to stable from positive.

Concurrently, the agency affirmed these ratings.

Moody’s said the outlook change reflects the reduced likelihood of an upgrade of Globaltrans' ratings over the next 12-18 months as a result of the (a) weaker-than-expected operating performance; (b) reduced prospects for the company to improve its financial metrics considering the ongoing weakness in the Russian freight rail transportation market; and (c) the company's fairly aggressive liquidity management.

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