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S&P lowers Russian Railways
Standard & Poor’s said it lowered the foreign-currency rating on Russian Railways JSC and its subsidiaries to BB+ from BBB- and the local-currency ratings to BBB- from BBB.
The outlook is negative.
The agency also said it affirmed the company’s ruAAA national scale rating.
The downgrade follows a similar action on Russia.
S&P said it continues to see an extremely high likelihood that the Russian government would provide timely and sufficient extraordinary support to Russian Railways in the event of financial distress. The company’s stand-alone credit profile is assessed at BBB-.
The negative outlook reflects that on the sovereign, the agency said.
The foreign-currency rating on the company will remain capped by the foreign-currency long-term sovereign rating on Russia, S&P said.
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