Moody's upgrades State Transport, GTLK

Moody's Investors Service said it upgraded the corporate family rating of State Transport Leasing Co. PJSC to Ba1 from Ba2.

Moody's also said it upgraded the foreign-currency backed senior unsecured debt rating of GTLK Europe DAC to Ba2 from Ba3.

The outlooks were revised to stable from positive.

The upgrade of Russia's sovereign rating to Baa3 from Ba1 led to these upgrades, the agency said.

The agency said it considers that State Transport benefits from the enhanced creditworthiness of Russian government given its systemic importance, government ownership and role in discharging public policy.

The ratings also consider the company's special policy role as a government agent to facilitate the development of the transport sector in Russia, Moody's said.

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