Fitch gives New Forwarding program BB/AA-(rus)

Fitch Ratings said it assigned New Forwarding Co. OAO’s proposed notes to be issued under a RUB 15 billion prospective domestic bond program an expected local currency senior unsecured rating of BB(EXP) and an expected national senior unsecured rating of AA-(rus)(EXP).

New Forwarding is a fully consolidated operating subsidiary of Globaltrans Investment plc (GLTR; BB/stable).

Fitch rates the proposed domestic notes to be issued by New Forwarding, one of Globaltrans’ key subsidiaries, in line with Globaltrans’ long-term local currency issuer default rating due to the benefit of the irrevocable offer to be issued by Globaltrans.

According to the agency, Globaltrans’ ratings reflect its solid business and financial profile but also consider its exposure to cyclical commodity industries. Globaltrans is smaller than UCL Rail BV but has a younger fleet, and its customer base is more concentrated, with a focus on higher margin cargoes.

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