Fitch rates New Forwarding notes BB+

Fitch Ratings said it assigned JSC New Forwarding Co.'s proposed domestic RUB 5 billion notes under a RUB 100 billion domestic bond program an expected local currency senior unsecured rating of BB+.

New Forwarding is a 100% owned subsidiary of Globaltrans Investment plc (BB+/positive).

Fitch rated the notes at the same level as Globaltrans’ long-term local-currency issuer default rating of BB+ due to the benefit of the public irrevocable offer to be issued by Globaltrans, the agency said.

“GLTR rating reflects the company's robust financial profile with funds from operations (FFO) adjusted net leverage at below 1.5x, despite high capex and shareholder distributions as well as an expected market rates correction from 2020,” the agency said in a news release.

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