Moody's rates Russian Railways notes Baa1

Moody's Investors Service said it assigned a provisional Baa1 rating to the proposed long-term British pound-denominated loan participation notes to be issued by RZD Capital Ltd. for the sole purpose of financing a loan to JSC Russian Railways.

The outlook is stable.

The rating assigned to the notes is equivalent to the senior unsecured issuer rating of Russian Railways. The notes will rank pari passu with all its other unsecured and unsubordinated financial indebtedness. The proceeds will be used in the ordinary course of its business, Moody's said.

The agency said it regards Russian Railways as a government-related issuer.

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