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S&P downgrades Ukrzaliznytsia due to default risk

Photo: Ukrzaliznytsia

The rating agency Standard & Poor’s indicates a significant weakening of the solvency of Ukrzaliznytsia.

International rating agency Standard & Poor’s has downgraded Ukrzaliznytsia’s rating to CC from CCC+ over a proposal to defer payments on two Eurobond issues for a year from January this year, with a negative outlook. The S&P press service reported this on Friday, December 20.

“We see a significant weakening of UZ’s ability to repay its debt and believe that a default on UZ’s debt is virtually certain in accordance with our methodology. As a result, we have downgraded UZ’s long-term issuer credit rating,” the agency said in a statement.

It noted that the negative outlook reflects S&P’s opinion that Ukrzaliznytsia is likely to implement its debt restructuring plans in the next few weeks, which the agency considers to be tantamount to default.

We remind you that Ukrzaliznytsia carried a record number of passengers and reached a high rate of cargo transportation in 2024.

UZ plans to launch indexed tariffs from February 2025
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Source: korrespondent

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