S&P ups Ukrainian Railways

S&P said it upgraded Ukrainian Railways JSC to B- from CCC+ on the company’s refinancing its debt maturing within the next 12 months.

The company recently issued $500 million of loan-participation notes.

The outlook is stable.

“The stable outlook on Ukrainian Railways reflects that on the sovereign and our view that Ukrainian Railways will manage any liquidity pressure, while its access to long-term financing depends on market conditions and its operating environment remains volatile,” said S&P in a press release.

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