Fitch cuts Ukrzaliznytsia

Fitch Ratings said it has downgraded the State Administration of Railways Transport of Ukraine's (Ukrzaliznytsia) long-term foreign currency issuer default rating to CC from CCC and affirmed its long-term local currency issuer default rating at CCC and short-term foreign currency issuer default rating at C.

Fitch said it has also downgraded the long-term foreign currency rating on Shortline plc's $500 million loan participation notes - for which Ukrzaliznytsia is a guarantor - to CC from CCC.

The rating actions follow Fitch's recent downgrade of Ukraine's long-term foreign currency issuer default rating to CC from CCC and the affirmation of the sovereign's long-term local currency issuer default rating at CCC.

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