Fitch lowers Ukrzaliznytsia

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

The outlook is negative.

The short-term foreign-currency issuer default rating also was downgraded to C from B.

Fitch also downgraded the long-term foreign-currency rating on Shortline Plc's loan participation notes to CCC from B-.

The downgrades follow the downgrade of Ukraine's long-term foreign-currency issuer default rating to CCC from B-, the agency said.

Fitch said it downgraded Ukrzaliznytsia's ratings because they are equalized with Ukraine's ratings, its sponsor. Shortline's ratings are equalized with Ukrzaliznytsia because Ukrzaliznytsia guarantees the notes, the agency said.

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