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Fitch: TransContainer on watch
Fitch Ratings said JSC TransContainer's ratings remain on Rating Watch negative, including its BB+ long-term issuer default rating, B short-term issuer default rating, BB+ local-currency long-term issuer default rating, B local-currency short-term issuer default rating, AA(rus) national long-term rating and BB+ senior secured debt rating.
TransContainer's BB+ rating includes a one-notch uplift for parental support from JSC Russian Railways, its majority shareholder. The agency said the maintained Rating Watch negative reflects Russian Railways' decision to further reduce its stake in TransContainer and the uncertainty about the percentage of shares to be disposed, the timing of the disposal given that it is no longer expected to occur by the end of 2011 and the identity of the future majority shareholder.
Fitch noted that TransContainer's ratings may be impacted by the relative credit strength of a new majority shareholder and the parent-subsidiary arrangements put in place.
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