The Company continues to fulfill all obligations to international financial institutions.
International rating agency Fitch Ratings downgraded Ukrzaliznytsia’s credit rating from CCC to C (pre-default). This was reported on the website of the Ukrainian company on Monday, August 1.
UZ emphasized that this happened against the backdrop of the downgrade of Ukraine’s sovereign rating to C, which was the result of the government’s announced planned transaction to postpone the maturity of Eurobonds.
Despite the sixth month of Russia’s large-scale military invasion of Ukraine and intense fighting, the company continues to meet its financial obligations, and in early July, regular coupon payments were made to holders of Eurobonds maturing in 2024 and 2026 totaling approximately 36 million dollars. Thus, Ukrzaliznytsia has fully fulfilled its financial obligations to bondholders, Ukrzaliznytsia said.
The press service emphasizes that the methodology of the rating agency provides for a clear correlation between the highest rating of Ukraine and Ukrzaliznytsia.
For its part, Ukrzaliznytsia, with the support of the Ministry of Infrastructure, took effective measures to balance the flow of money during martial law, optimized costs and attracted additional liquidity support tools, in particular, access to EBRD financing for €50 million was obtained, the report said.
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Source: korrespondent
I am Dylan Hudson, a dedicated and experienced journalist in the news industry. I have been working for Buna Times, as an author since 2018. My expertise lies in covering sports sections of the website and providing readers with reliable information on current sporting events.